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No.  27,051 


CONTIHOffAL  SUNG  PRICES,  AUSTW* : Scb-U:-  WBJS1UM  Fr.22;  DENMARK  K rJ;  FRANCE  Fr.2J0;  GERMANY  DM1.70;  ITALY  L.4I0:  NETHERLANDS  R.1.7S:  NORWAY  Kf.J;  PORTUGAL  Esc.  17. SO; 


Thursday  August  19  1976 


**10p 


SPAIN  Ftu.35;  SWEDEN  Kr.2.75;  SWITZERLAND  Fr.1.70. 


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Philippines  Government 
'"  i'd  aid  to  areas  stricken , 
' : jresdayV.  earthquake  amid 

that  most  of  tie-  5,060" 
e missing  are  dead.. 

:..-Jint  75.  per'  chut,  of  the 
A were,  due  to  drowning,  as 
' ‘ r waves  swamped  villages 
; the  Celebes . Sea,  where 
_ '"■Orce  S quake  was  centre d. 
1 UPage- 

■ '..'.Australia,  a tremor. shook 
.juthern  suburbs  of  Brisbane 
■ : . --  /yen  seconds,  causing  cracks 
ne  buildings.  ' - '• 

rth  Koreans  . 
Americans 

' . Vt  30  axe-wielding  North - 
in  army  guards  lolled  two 
n.j.  military  officers  and  injured 
^■iiDther  Americans  and  South 
in  soldiers  in  what  tite  UN 
. ;:  iand  termed  an. unprovoked 
“'-It  in  the  truce  village  of 
. ' -jnnjon.  Page  5 

":hoo1  riots 
; re  again  . 

. ng  erupted  feu:- the  second 
Acutive  day -in  Port  Eliza-  - 
'j,r  after  what  started  as  a 
' "if ui  march,  by  black  school-' 

' .;ren.  In  Salisbury,  Mr.  " Ian 

- ■ - i said,  he  would  not  accept 
. ..  . .Utica  imposed  on  Rhodesia 
: ' .'he  U.S.  “or  any  .other 

' ■ ' .Ty,"  an : apparent. /allusion 
; ’ -1 South  African  state- 

- -Ua- 

“ sy  firemen  ' 

.'  nen  fought  beath  aa deforest 
-.  i s in:  many;  pa^\rpf  the 

‘ 'were  destroyed:- 

-il  - a Severh-Trent  "Water' 

. Ui6£ty>  reseryoir  dry/  a 
. ..gallon  tanker  was.  sent  with 
from  RAF  Sbawbury, 

. man  hurt 

. ^ Llewellyn,  - a BBC  radio 
.^pendent  in'  Beirut,  was 
' ly  wounded  in.  the  wrist  by 
1 '.1  per  who  fired  on  his  car. 

: /ding  '•  to ; the  ' newspaper 
. : ihar,  Palestinian  guerillas 
..'-.  been  attacking  - -Syrian 
-,:s^and  4aying  mineaiin.  the 
.*■  valley. '-page 

’ ilkner  explains 

'Brian  ' Faulkner;  former 
Ireland  Premier, 

1 that  his'  resignation  as 
■ of  the  Unionist  Parly  was 
nit  "of  disillusionment, 
link  t can  be  of  more  value 
• community  at  large  .En  a; 
>nt  way."  Mr.  Alrey  N6ave,; 
pokestnan  on  Ulster,- urged  , 
ge  in  the  rules  of  evidence, 
aciiitate  conviction  ...of, 
/sts:  Back  Page- 

Ten  Stubbs 

-s-irge  Stubbs  painting  of  a 
Charles  .spaniel,,  valued  .at- 
W,  was'  among  ten  works 
. by  thieves,  on  Tuesday 
from  the  Piccadilly  art 
s,  Edward  Speelman.  . 

landing  ; 

-Soviet  Union  soft-ianded'an. 
med  spacecraft;  Luna'  24,.. 

: moon's  Slea  .of  Crises,-,  to 
e the  ] a nar.  surface. 

sfly . . . 

*sr  found  nr  Sweden  con- 
; g three  bodies  was  one  of 
- 1 nadian  aircraft  lost  in  1942 
j flying  from  Sbetlands  to- 

airak.  • 

idge  /undergraduate  Johoa- 
Mestel,  19,  became;.-  Qie 
- '‘at-  player'  to' f win the.. 
^ . ii  -.  .Ghpss'  - Championship 
f ; was  .started  22  years  «gp. 
tug.  fonrth.  «rtempt  im  five 

by?  former  iabonr  > Mip- 
Iwara  VQlne  is  being  r^V 
its  publishers  to  delete' 
erences  to  Mr.  Edward’ 
former  Commons  Leader; 
aiming  Minister  Mr,. John 

ger  taken  ill  at  Heathrow 
t with  suspected  Lassa 
fas. last  oisht  at  a London 
m hospital.  Sir.  - Ronald 
the  only  confirmed  Lassa 
ise  in  Britain,  was  allowed, 
v hospital  after  a mootti'^ . 
mt'  " ' . 


• GOLD  fell  $3}  Co  in 

active  trading.  Bade  Page?; 


SporfiDoouoc* 

125 

SSR 

u 

■ 

- ■ 1 

if 

■ 

120 

ll 

■ 11 

115 

no 

II 

m\\ 

■ i Bin 

mmm* 

a 

^05 

1 

MAY  JUH 

JUL 

• EQUITIES  were  little 
changed ' except  .for.  Gold 
Alines,  which  feU^  to  a 
45-month  low  of  8&4i  cotnpareil 
with  an  all-time  peak  of  442.3 
recorded  in.  1975.  The  FT 
30-share  fell  flB  to  375.3  yhile 
the  FT-Actuaries  AJLShart- 
index  was  02  per  cent  ?dowu 
at  153.43.  Page  16  .:  U/ 

• STERLING  lost  30  points  to 
SL7335;  its  weighted  depreda- 
tion was  unchanged  at  39.1  per 
cenLf  .The'  .dollar's,  widened  to 
225  (122)  par  cent  Back  Page 

• GUTS  were",  dnlL/  ^ The 
Government  Securities ' index 
fell  .0.02  to  62^4. 


Ministers  recalled 
by  Callaghan 
for  drought  talks 

BY  PETER  HENNESSY.  LOBBY  CORRESPONDENT 

The  Prime  Minister  has  set  up  a Cabinet  committee  to  consider  emergency 
action  to  counter  the  effects  of  the  drought  Ministers  will  he  recalled  from 
their  holidays  to  attend  the  first  meeting  on  Tuesday. 

The  personal  intervention  of  ing  outlining  the  present  state  eke  out  diminishing  supplies  of 
the  Prime  Minister  underlines  of  water  supplies,  and  detailing  fodder. 

how  seriously  the  Government  is  the  problems  of  the  worst  Mr.  Butler  said  after  the  meet- 
ireatiog  the  implications  of  the  affected  areas.  ing  that  the  Minister  would  not 

lung  dry  spell.  Kis  report  will  be  produced  in  be  committed  to  any  timetable 

Mr.  Fred  Peart,  Agriculture  co-operation  with  the  half-dozen  of  assistance  to  farmers.  They 
Minister,  who  has  warned  of  local  liaison  authorities  set  up  had.  however,  discussed  the 
some  food  shortages  and  price  to  handle  the  emergency  in  the  possibility,  of  the  Government 
rises,  is  considering  whether  most  severely  troubled  areas,  subsidising  ibe  transport  of 
special  measures  are  needed  to  Given  the  water  switching  fodder  to  a;eas  where  it  was 
help  the  farmers.  system  in  use  in  the  G.K.,  deci-  most  needed,  as  well  as  aid  for 

The  fact  that  Ministers  from  sioas  about  suspending  supplies  re-seeding  bumt-out  pastures, 
the  Departments  of  Industry  and  consumers  and  individual  in-  The  averaging  of  taxation  to 

been  dustries  will  have  to  be  taken  allow  for  good  and  bad  fanning 
' cally.  years,  and  the  devaluation  of  the 

**  green  pound  " used  to  fix  farm 
/r'i a*  prices,  had  also  featured  in  their 

Consultations  taim.  said  Mr.  Butler. 

. . Although  the  National  Farmers 

John  Edwards  writes*  Mr.  TiniAn  is  or^sinn  bard  for  thf 
Whitehall  was  at  pains  yester-  Pearl,  on  his  return  from  a two-  ” «reen  pound  ” to  be  devalued 
day  to  stress  that  the  new  day  visit  to  the  worst  drought-  the  Government  is  reluctant  to 
Ministerial  group  would  have  a stricken  areas,  spent  yesterday  ^ action  that  would  put  up  food 
co-ordinating  role  rather  than  jn  consultations  at  his  Ministry  prices  in  the  shops, 
dealing  with  immediate  prob-  reviewing  what  could  be  done  to  The  Ministry  was  keen  to 
lems.  Government  is  anxious  h*ip  rarmers.  point  oui  that  the  June  farm 

to  devise  medium  to  long-term  He  saw  Mr.  Richard  Butler,  census  results,  released  yester- 
policies  should  the  present  deputy  chairman  of  the  National  day,  show  a >riculturai  production 
period  of  dry  weather  prove  to  Farmers  Union.  But  the  Ministry  was  expanding  fast  before  the 
be  the  norm  rather  than  the  made  no  statement  about  3ny  drought,  with  increased  plantings 
exception.  measures  that  might  be  planned,  of  wheat,  potatoes  and  sugar 

Mr.  John  Silkin,  Minister  for  apart  from  offering  farmers  the  beet.  This  should  offset  some 
Planning  and  Local  Government,  help  of  its  advisory  service  in  of  the  impact  of  poor  yields,  it 
will  present  a paper  to  the  meet-  planning  feed  programmes  to  was  claimed. 

Equal  retiring  age  urged 
for  men  and  women 


011  found 

12  miles 
off  * 
Scotland 


BY  RHYS  DAVID 

AN  oil  discovery  only  12  miles 
off  the  Scottish  coast — the 
closest  find  yef  to  the  British 
shoreline — has  been  announced 
by  MESA  Petroleum  of  the 
U-S. 

The  find  has  yet  to  be 
evaluated,  and  the  company 
emphasised  yesterday  that  the 
commercial  significance  of  the 
hydrocarbons  indicated  could 
not  be  assessed  until  produc- 
tion testing  is  completed  and 
confirmation  drilling  carried 
out. 

But  the  disco\ery  is  en- 
couraging, coming  in  a new 


Ford  breaks 
the  Reagan 
challenge 


Employment  have  also  

summoned  to  next  week's  meet-  locally, 
ing  acknowledges  that  the  dry 
spell  could  pose  a threat  to  jobs 
and  the  full-time  working  of 
industry. 


U 


Wage  rqtes 
rose  Yl\% 

• BASIC  WAGE  rates  increased 
17\  per  cent  in  the  year  of  the 
£6  pay  policy,  .and  average  earn- 
ings :are  likely  fo  have  risen  by 
.15  per  cent  Back  Page 

• CHEMICAL  medium-term 
.growth  projection  of  10. S per 
cent,  promoted  by  the  National 
Economic  Development  Council 
i'5  unachievable,: says  the  indus- 
try. Page  1 

jm  NATIONAL  Freight  Corpora- 
tion made  ah  urgent,  plea  to  the 
'Government  for  financial  recon- 
struction. It  rejected  a proposal 
that  ^ Preightliners  should  be 
handed  :over  to  British  Rail 
Page  7 ' 

• id  DELAWARE,  a U.S.  sul^ 
sidiary  .of  the  British  company 
has  a 15  per  cent-  stake  in  .a 

■ consortium  . which  has  bought 
exploration  rights  for  oil  ana 
gas  on  the  Atlantic  coast. 

Back  Page  • . 

• WEST  GERMAN  exports  wfll 
continue  to  grow;  according  to  a 
West  Berlin  mstittrtei  but  there 
wi/f  be  .a  matching  increase  in 
imports.  Pag*  6.  Domestic  sales 
of  new  bonds  iri  July  were  three; 
times  higher  than  in  June,  at 
DM£3bn.  f£L2bm),  indicating  a 
[marked . revival  in  investor 
activity. . Page  L7 

• DANISH  FACTORIES  were  at 
a standstill -as-  -workers  went  on 
strike  in  protest  at  the  Govera-: 
mentis  proposed,  economic  stabi- 
lisation programme-  Page  4 

COMPflfflES  ‘.r- 

\*  ' UNITED \ Dominions  Tnasti- 
which  last  year - reduced  iis  loss 
to  £2.8m.  (£54-Sm-),  will  cut  its 
annual  costs  by  more  than  £8m. 
through  reorganisation  and  rfr; 
duced  interest  on  its  “lifeboat . 
funds.  Page.  18  and  Lex  - ■; 

• TUBE ; INTOSTMENTS  first- 
half  pre-tax  profit  fell  to  £lS.52nt 
l£1923m.>,  Directors  expect  to 
maintain  profit  at  about  recent;; 
-levels.  Page  J8,  and  Lex 

0 \ VNOJEVEIL  ^second-quarter 
pre-tax  profit  doubted  to  £140.7m^. 
bringing  the  JSrst-half  figure  to 
£255 up  15&  per  cent,  on 
1975.  Page  15  and.  Lex 

• AULT  AND  WIBOBG  first; 
half  pre-tax  profit  Increased  tq 
£0.9Sm.  (£051ni:)  on  turnover 
down  to  £lL34m.  (£13.06 m.)! 
-Page  15  and  Lex 


:f  price  charges  yesterday 


in  pence  unless  otherwise 
. indicated) 


RISES 
-4J%  1974-73 
y mm  Gorp.  ...„ 

^ Aluminium..: 
^ HjU  Prop: 

^ sds. - 

■ nnent  Secs.  .. 

• * smith 

t Godwin  ....: 
Mills  .... 

(S:)  

Lamp  ...l™. 

/ & Colman . 
^/ivs.  ,-.s.:.....L 
^ —mammmmmmm 


£884 
. 52} 

. m 

V100 

-SSo 
124 
330 
S3- 
. 104 
, 63 

-■:b2- 

$40 

340 


U 

8 

20 

20 

6 

8 ' 
3 

6 . 
& 

3 

15. 

11. 


S 


Wtaisor  & Newton  ...  125 

Wood  Hah  Tst.  74 

Assoc.  Aust  Resources  135 

Mkwrco.  215 

Utah  Mining -Ahst.  ...  415 

' FALLS 

Abercom  Tnvs.  -140 

Bucknall  Tst 13, 
Kwik  Save  Discount  ..1  US 

Unilever  422 

Harmony SS25 

Hartebeest  625 

Kloof- Gold  .........— --  2S0 

Raridfontein  Esfs.  -..£12^ 
JtTZ  1SS 

Seuthyaal  -.  250 

‘Union  Plat  110. 


+ 22 
-f  4.. 
+ IS 
+ 5.. 
+ 10 


- a 

- 5" 

- 5 

- 4 \:' 

- 30 

- 100 
-20 
- 1 . 
.-  5 

- so-  ; 

- 8' 


BY  ERIC  SHORT 

STATUS  for  men  and 
/c^upalional , pension 
ist  mean  a common 
retirement  age  for  both  sexes, 
according  to  a report  by  the 
Occupational  Pensions  Board 
published  yesterday.  Without 
such  provision  the  Board  felt 
that  true  equality  could  not  be 
achieved. 

\ But  the  Board  avoided  recom- 
mending a particular  retirement 
age  as  most  suitable.  Nor  did  it 
recommend  legislation  to  enforce 
equal  retirement  ages.  While  the 
State  pension  age  differential 
remained  -unchanged. 

It  confined  itself  to  discussing 
(he  implications  of  the  various 
alternatives  suggested  and  listed 
the  cost  to  employers  of  bring- 
ing the  retirement  age  down  to 
60  at  £400m.  a year. 

. The  other  principal  conclusion 
of  the  report  was  that  equality 
must  be  based  on  identical  bene- 
fits for  Identical  situations  and 
not  on  cost.  This  would  involve 
requal  accrual  rates  for  each  year 
of  membership,  so  identical  pen- 
sions could  only  be  achieved  if 
the  retirement  ages  were  the 
[.same.  , 

. The  Board  stated  that  differ- 
ences in  the  mortality  of  men 
land  women  are  to  be  ignored  in 
ascertaining  all  principle  bene- 
fits of  pension  schemes  and  thus 
benefits  for  women  would  in 
future  cost  more  than  the  corres- 
ponding benefits  for  men  at  the 
:saroe  retirement  age. 

Mr.  David  Ennals,  Secretary 
for  Social  Services,  welcomed  the 
report  It  would  be  of  great 


assistance  to  the  Government  m 
formulating  its  own  prouc*j.ii< - 
expected  shortly  as  a .'onsulta- 
tive  document. 

The  TUG  considered  that  the 
report  did  not  go  far  enough 
and  wanted  legislation  brought 
in.  quickly  to  enforce  equal 
status  with  the  exception  of 
equal  retirement  age.  It  also 
wanted  its  own  proposals 
adopted,  based  on  the  principle 
of  a sharing  of  risks,  including 
mortality,  so  that  on  average  a 
member  would  receive  equal 
benefits  for  equal  contributions. 

But  the  National  Association 
of  Pension  Funds  pointed  out 
that  trade  unions  already  bad 
the  means  to  negotiate  for  equal 
retirement  ages  for  their  mem- 
bers. Many  existing  occupational 
pension  schemes  already  have  or 
are  in  the  process  of  introducing 
equal  ages,  the  most  common 
one  being  60. 

The  Equal  Pay  and  Oppor- 
tunities Campaign,  however,  felt 
disappointed  that  the  Board  did 
not  recommend  legislation  for 
equality  and  thought  that 
private  pensions  could  have  led 
the  way. 

The  Board  was  asked  in 
February.  1975.  by  Mrs.  Barbara 
Castle,  then  Secretary  for  Social 
Services,  to  examine  the  ques- 
tion of  equality  of  status  for 
men  and  women  in  occupational 
pension  schemes. 

Lord  Allen  or  Abbeydale.  the 
chairman,  told  reporters  yester- 
day that  the  Board  was  not  em- 
powered to  make  recommenda- 


tions concerning  the  structure 
anc'  ^ -i.  'Jon  of  the  State 
scheme. 

But  he  pointed  out  that  occu- 
pational schemes  had  to  dove- 
tail into  the  State  scheme  and  to 
'operate  within  the  existing 
framework.  Thus  the  Board  felt 
unable  to  recommend  legislation 
to  enforce  a common  age  level 
in  private  schemes  while  the  age 
differential  remained  in  the 
State  scheme.  But  changes  were 
a matter,  for  the  Government, 

The  Board  did  feel,  however, 
that  it  could  be  specific  in  other 
areas  of  pension  benefit  where 
equality  could  and  should  be 
enforced,  including  equal  sur- 
vivor's benefits  and  provision 
for  orphans. 

It  felt  that  most  of  the  changes 
it  was  recommending  could  be 
introduced  by  a code  of  volun- 
tary practice  rather  than  by 
legislation.  Nevertheless,  the 
report  set  out  specific  areas  in 
which  legislation  would  be 
desirable,  including  additional 
provision  for  pension  cover 
during  maternity  leave. 

Tbe  report  dealt  with  the  posi- 
tion of  women  on  divorce  and 
the  subsequent  loss  of  pension 
rights,  a matter  on  which  no 
previous  investigation  has  been 
made.  It  recommends  that  tbe 
courts  should  be  empowered  to 
arrange  for  divorced  women  to 
receive  some  benefit  from  their 
former  husband's  pension 
arrangements. 

Equal  pension  status  Page  7 

Editorial  comment  Page  13 


Orkneys  beryl*  / 

NORTH  SEA  / 

bweb  j 

CUYHORE'i!,P^»MtMrL 

OIL  FIND!  MngEnk 

‘I 

MONTROSE  ■ „ 

LOMOND”* 


AUK  i 


J. 


pari  of  the  North  Sea,  some 
100  miles  away  from  the 
nearest  existing  field,  the  Clay- 
more. It  will  also  please  the 
Government,  which  is  hoping 
lo  attract  interest  in  blocks 
in  the  area  in  its  latest  round 
of  North  Sea  licensing. 

Partners  in  the  block— 11/30 
— are  MESA  (25  per  cent), 
Kerr-McGce  (25  per  cent.). 
Hunt  Oil  (15  per  cent.), 
P and  O Petroleum  (15  per 
cent.),  Creslenn  (U.K.)  15  per 
cent.),  and  Exploration  Hold- 
ings (5  per  cent.). 

Continued  on  Back  Page 


£ in  New  York 


Aujj.-lc 


Pnrriiiu* 


S|^»l  ftU£2M63i<  < Sl.73c*-185€- 
1 irv.-nth  1.15-i.h'«Ji>  1 1.35-1. IS  <Ue 
3 niurilii^  ' 3.33-3-28  djs 

12  month*  i Il.»3-H.5&.li5  ; ll.aO-U.M  -Iis 


BY  JUREK  MARTIN 

PRESIDENT  FORD  last  night 
broke  the  back  of  Mr.  Ronald 
Reagan's  challenge  for  the 
Republican  Party's  Presidential 
nomination. 

Only  the  totally  unexpected 
can  prevent  the  President  from 
taking  tbe  prize  when  the  con- 
vention votes  this  evening. 

He  won  the  critical  vole  on  the 
controversial  rule  16C  by  1,180 
to  1.069,  with  11  abstentions. 

Tbe  proposal,  which  would 
have  compelled  Mr.  Ford  to 
name  his  Vice-Presidential  selec- 
tion this  morning,  was  the  cor- 
'nerstone  of  (he  Reagan  effort. 

It  was  hoped  this  vote,  on 
which  delegates  were  free  to  ex- 
press their  own  minds,  would 
reveal  that  the  true  Reagan 
strength  was  much  greater  than 
the  delegate  tallies  suggested 
and  so  influence  to-night's 
balloting  on  tbe  nomination 
itself. 

In  the  event  Mr.  Ford's  sup- 
port in  the  Northern  and  raid- 
Western  states  remained  solid. 
There  was  greater  evidence  of 
covert  Ford  backing  in  the 
Reagan  ranks  than  vice  versa. 

Mr.  John  Sears,  the  Reagan 
campaign  manager,  seems  to 
have  no  more  rabbits  to  pull  out 
of  his  inventive  top  hat.  He 
virtually  admitted  to-day  that  tbe 
game  was  up. 

One  desperate  ploy  would  have 
been  to  drop  Senator  Richard 
Schweiker.  the  Liberal  from 
Pennsylvania,  from  the  Reagan 
ticket:  Senator  Schweiker  offered 
to  withdraw  this  morning  but  Mr. 
Reagan  declined  to  accept  as  " a 
matter  of  principle." 

He  can  claim  some  satisfac- 
tion from  last  night’s  proceed- 
ings. In  the  interests  of  party 
unity  Ford  strategists  agreed  in 
the  small  hours  of  the  morning, 
to  accept  Mr.  Reagans  “morality 
in  foreign  poliey  “ amendment 
lo  the  party  platform. 

In  Mr.  Sears’  view  this 
amounts  to  repudiation  of  the 
Ford-Nixon-Ki5Singer  foreign 
policy. 

The  President's  staff,  however, 
believes  the  - platiorifi  will  be 
rapidly  forgotten  in  the  heal  of 
the  Presidential  campaign  proper 
and  any  embarrassment  can  be 
skirted.  The  Democrats  are  un- 


KANSAS  CITY.  August  IS. 

likely  to  allow  the  Republicans 
to  forget  it. 

Some  diehard  Reagan  sup- 
porters tried  to  force  a roll  call 
vote  on  the  amendment  They 
were  confident  that  it  would  pass 
overwhelmingly  and  so  put  on 
record  the  unmistakable  conser- 
vative sentiment  of  this  conven- 
tion. 

But  Congressman  John  Rhodes, 
the  chairman,  ignored  their 
efforts,  settled  for  a simple  voice 
vote  and  gavelled  the  session 
into  conclusion. 

The  Ford  Camp  is  naturally 
jubilant  this  morning,  just  as  the 
Reagan  forces  are  downcast. 

The  President,  it  was  an- 
nounced, will  spend  the  day  con- 
sidering his  selection  of  a run- 
ning mate.  He  is  due  to  disclose 
his  choice  to-morrow  morning. 


Invitation 


His  preference  remains  un- 
known but  sources  claim  the 
field  has  narrowed  down  to  no 
more  than  four — Senator  Howard 
Baker  from  Tennessee.  Mr. 
William  Simon,  the  Treasury 
Secretary.  Mr.  William  Ruckels- 
haus,  the  former  Deputy 
Attorney-General,  and  one  of  two 
Republican  governors,  either  Mr. 
Robert  Ray  from  Iowa,  or  Mr. 
Daniel  Evans  from  Washington 
State. 

According  to  the  White  House 
Mr.  Reagan  has.  also  not  been 
ruled  out.  though  he  hag  re- 
peatedly said  he  would  not  accept. 
Tbe  invitation  may  be  sent  as 
a matter  of  courtesy  and  to 
mollify  the  Right  wing. 

Ail  was.  however,  far  from 
sweetness  and  light  last  night. 
The  mood  of  the  convention  was 
sour,  with  much  booing  and 
chanting  and  the  odd  unpleasant 
incident. 

A Reagan  delegate  from  Utah, 
for  example,  ripped  out  the  tele- 
phone being  used  by  Vice- 
President  Rockefeller,  who  was 
sitting  in  the  New  York  dele- 
gation. He  claimed  Mr.  Rocke- 
feller had  taken  away  one  of  his 
banners.  There  was  a brier 
scuffle  on  the  floor  and  the  Secret 
Service  ushered  the  Vice-Presi- 
dent away. 

Continued  on  Back  Page 
Party  split  Page  6 


FEATURES 

Whitehall  and  the  ENA  12 

Economic  viewpoint: 
putting  British  com- 
panies on  the  dole  13 

French  aerospace  plans  4 

TV  violence  worries 
the  admen  6 


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Appointments  Athru. 
Arts  .... 

Kooks  : 

Business  Oppts.  ... 
Company  Hews  ...14, 

Crossword  

Economic  Indicators 
Entertainment  Guide 
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Materials  

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Home  Mews  — 

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Marketing  Scene  U 

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Share  Information.. 24  &2S 
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In  chape  & Co 15 

Sobers  Intern  at/.  ...  14 

INTERIM  STATEMENTS 
Canada  Perm.  Mtg.  17 

Reckltt  A Caiman  M 

Tube  Investments  . 15 

TRW  Inc.  16 

Unilever  Ltd U 

Union  Steel  5.  At.  4 

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Base  Lending  Rates 


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For  latest  Share  Index  'phone  01-246  S026 


British  Airways  in  £250m.  deal 
for  long-range  TriStar  jets 


BY  MICHAEL  DONNE,  AEROSPACE  CORRESPONDENT 


BRITISH  AIRWAYS  is  to  buy 
six  of  the  long-range  version  of 
the  Lockheed  TriStar,  the  L-500, 
worth  about  £125 m.  including 
spares,  and  is  taking  an  option 
on  another  six  aircraft  for  a 
similar  sum — a total  outlay-  of 
£250m.  In  1979  values,  when  de- 
livery starts. 

'•  Lockheed  has  thus  won  the 
toughest  battle  in.  the  world  air- 
liner market  for  a long  time, 
beating  fellow  American  rival, 
McDonnell  Douglas,  with  its  long- 
range  DC-10-30R  jet. 

Both  contestants  offered  their 
aircraft  with  the  uprated  50,000 
lb  thrust  Dash  524  version  of  the 
Rolls-Royce  RB-211  engine.  The 
value  of  the  L-500  engine  deal  to 
Rolls-Royce  will  be  about  140m. 
including  spares,  with  substantial 
continuing  business  on  sales  of 
the  L-500  to  other  world  air- 
lines. 

Announcing  the  deal  yesterday. 
Sir  Frank  McFadzean,  BA  chair- 
man, said  that  the  airline's  traffic 
forecasts  showed  that  more 
Boeing' 747s  and  TriStars  “will 
certainJy  be  needed  ia  the  mid- 
1980s.” 

Replacements 

British  Airways  needs  the  long- 
range  version  of  the  TriStar  to 
complement  its  fleet  of  long- 
range  Boeing  . 747  Jumbos,  re- 
placing ageing  707$  and  Super 
VC-lOs.  oh  those  routes  where 
smaller  numbers  of  passengers 
want  to  fly  long  distances. 

it  : has  already  ordered  .15 


medium-range  TriStars,  of  which 
seven  have  been,  delivered.  It 
will  now  substitute  -the  six  long- 
range  models  for  the  six  of  the 
medium-range  jets  still. waiting 
delivery. 

This  means  that  although  the 
.total  value  of  the  initial  six  air- 
craft is  over  £125m.,  the  net 
additional  cost  of  the  long-range 
models  is  only  about  £20m.  — 
a major  factor  in  influencing  its 
choice. 

The  deal  brings  to  215  the 
number  of  TriStars  ordered 
■world-wide  of  which  160  have 
been  firm  orders  (with  130  of 
-these  delivered),  and  the  rest 
options  or  “second  buys." 

Lockheed  says  that  if  only  45 
of  its  L-500  are  sold,  in  addition 
to  continuing,  sales  of  tbe  basic 
medium-range  model,  the  value 
of  the  work  available  to  the  tf.K. 
on  engines  and  other  systems 
and  equipment  will  amount  to 
about  £400m.  by  19S5. 

In  fact,  Lockheed  expects  to 
sen  many  more  aircraft.  Mr. 
Robert  Hsack,  -Lockheed  chair- 
man, foresees  a world  market 
for  M4  aircraft  of  the  L-500  type 
by  19S5,  of  which  he  hopes  Lock- 
heed will  get  a big  share. 

Explaining  the  deal.  Which  is 
still  subject  to  detailed  negotia- 
tions,. BA  said  yesterday  that  its 
long-haul  rentes  were  now  show- 
ing a healthy  rate  of  growth, 
while  the  forecasts  for  tbe 
shorter  European  routes  showed 
less  demand  than  had  been 
expected. 

Thus,  It  had  bees  decided  to 


readjust  tbe  existing  TriStar 
order  to  allow  for  greater  flexi- 
bility in  fleet  operation.  The  new 
jets  would  be  used  on  non-stop 
routes  such  as:  London-Philadel- 
pbia.  Detroil-CJ.S.  West 
Coast.  London-Moscow  and 
Tokyo,  and  London-Gulf  and 
Caribbean  points. 

Each  L-500  TriStar  will  have 
about  6.00Q  miles  range,  and 
carry  235  passengers — 18  first- 
class  and  217  economy-class. 


Major  blow 


The  BA  decision  to  buy  the 
L-500  is  a major  blow  to 
McDonnell . Douglas,  whicb  has 
been  fighting  vigorously  for  the 
order,  regarding  it  as  a “ launch- 
ing contract " for  the  Rolls-Royce 
powered  version  of  the  DC-10. 

Tbe  UJ5.  company  had  been 
prepared  to  spend  up  to  S70m. 
of  its  own  money  on  re-engining 
tbe  DC-10  with  tbe  RB-211.  and 
the  question  now  is  whether  it 
will  go  on  with  this  programme. 

The  general  view  is  that  it  wall 
not.  because  it  was  contingent  on 
the  BA  orders,  and  that  if  Rolls- 
Royce  from  now  on  wants  to  get 
rte  RB-221  into  the  DOIO.  it  wfl? 
have  to  pay  its  own  money  to  do 
so. 

The  loss  to  the  U-K.  of  this 
potential  RB-211  and  other  busi- 
ness in  the-  DC-10,  however,  is 
likely  to  be  more  than  offset  by 
tbe  value  of  the  new  business 
that  will  he  gained  from  the  addi- 
tional sales  af  the  TriStar  with 
tbe  launching  of  the  L-500  model. 
French  aerospace  plans  Page  4 


PRIDE  OF  PERTH 


jyfdei^PmAaTmt  just  the  history  of  an  orgatdsaSon  but  of  a nwigng  Tgfofiamftfp  Fmfaww  a ^ 

jn  which  the  prosperity  of  tbe  one  has  contributed  to  that  of  the  other  in  an  unprecedented  way.  Arthur  Bell  & 
Sons  Ltd.,  Scotch  Whisky  Distiflen,  was  estabfishod  in  Perth,  tbe  ancient  capital  of  Scotland,  in  the  year  1825.  Now 
one  of  tbe  best-known  names  in  whi^y,  it  is  startling  to  think  that  ft  was  not  until  this  century  that  its  maker 
agreed  to  label  tbe  product. 

Pride  of  Penh  is  the  story  of  a company  whose  performance  is  an  investor’s  dream,  and  a tak  of  human  enteipris* 
which  Jack  House  relates  frith  a warmth  and  humour  which  makes  it  nighty  readable. 

PUBLISHED  BY  HUTCHINSON  BENHAM 
ANP  AVAILABLE  FROM  LEADING  BOOK  STORES 


..  T; 


? . 


Seasonally 

maladjusted 


BY  ANTHONY  HARRIS 

THE  NEWS  that  the  growth  of 
die  economy,  as  measured  from 
the  output  statistics,  fell  during 
the  second  quarter,  while  earn* 
ings  in  industry  actually  fell  in 
absolute  terms  in  June,  has 
already  been  subjected  to  rather 
more  analysis  than  the  available 
information  will  bear.  This 
is  a normal  enough  exercise  in 
what  is  turning  out,  apart  from 
the  very  serious  implications  of 
the  drought  to  be  an  unusually 
quiet  silly  season. 

The  trouble  is  that  a new 
figure  at  the  bottom  of  a column, 
complete  with  decimal  point 
looks  so  precise.  Only  those  in- 
volved in  producing  it  know  of 
all  the  rounding,  extrapolation 
and  sheer  guesswork  which  went 
into  its  production.  We  do  sot 

have  a national  cash  register,  but 

for  most  purposes,  'a  rather  un- 
reliable response  to  a sample 
survey.  Late  returns  can  alter 
the  picture  drastically,  and 

usually  do:  a few  years  ago  a 
little  noticed  academic  discus- 
sion paper  established  that  for  a 
number  of  Important  statistical 
series,  covering  output,  stocks, 
retail  sales  and  deliveries,  for 
example,  the  revisions  to  initi* 
ally  published  figures  — the 
changes  wrought  by  officially 
admitted  second  thoughts — were 
bigger  than,  and  often  in  the 
opposite  direction  to,  the 

changes  in  the  published 

**  trend.”  The  month-to-moiuh 

changes,  in  particular,  were 
simply  not  worth  recording. 


Not  rare 


Things  may  have  improved 
a good  deal  since  then,  though 
biggish  revisions  are  certainly 
not  rare:  it  would  be  fascinat- 
ing if  the  Central  Statistical 
Office,  which  regularly  publishes 
a measure  of  the  variability  of 
the  main  economic  series — the 
extent  to  which  a single  isolated 
□umber  may  diverge  meaning- 
less ly  from  the  trend — would 
also  give  periodic  measures  of 
the  inaccuTocy  of  official  figures. 
In  certain  respects,  however, 
they  have  almost  certainly  got 
worse.  An  article  by  Ur.  0. 
Nankivetl,  assistant  director  of 
the  CSO  in  the  new  issue  of 
Statistical  News  explains  that 
rapid  inflation  has  played  old 
Harry  with  the  figures. 

The  problem  is  easy  enongh  to 
state.  Volume  indices  of 
“ real  ” output  are  constructed 
for  the  most  part  by  taking 
figures  which  are  reported  in 
cash  terms,  and  “ deflating” 
them  to  get  back  to  1970  prices. 


But  when  price  increases  have 
been  very  large,  and  have  varied 
widely  between  one  product  and 
material  and  another,  it  takes 
something  of  an  artist’s  self-con- 
fidence to  construct  a price  index 
for  a large  product  group.  If  the 
index  is  misleading— and  it  is 
almost  bound  to  be.  when  large 
relative  changes  have  produced 

corresponding  changes  in  the 
composition  of  demand  and  out- 
put— theu  the  corresponding 
deflation  is  also  misleading. 

It  is  a tribute  to  our  statist- 
dans  that  they  do  produce 
figures  which  seem,  broadly,  to 
correspond  with  each  other  and 
with  the  common  experience  of 
businessmen.  There  has  been  a 
good  deal  of  grumbling  recently 
about  the  fact  that  the  three  offi- 
cial series  measuring  growth- 
based  on  expenditure,  output  and 
income  measures — vary  by  more 
than  3 per  cent,  about  the  level 
of  national  income.  I am  quite 
surprised  it  is  so  little. 

Trade  surplus 

Let  us  suppose,  however,  that 
the  figures  are  as  accurate  as  the  1 
decimal  point  suggests:  what  i 
would  they  then  mean  ? A 
measure  which  is  seasonally  I 
adjusted  according  to  a (chang- 
ing) pattern  measured  over  per- 
haps the  last  eight  years,  and 
then  expressed  at  1970  prices,  Is 
a very  odd  sort  of  number. 

Did  you  know,  for  example, 
that  we  are  running  a very  large 
trade  surplus?  At  1970  prices 
we  are.  Did  you  know  that  the 
North  Sea  will  add  only  about 
1 per  cent,  to  output?  At  1970 
prices,  that  is  all  it  is  worth.  Add 
in  such  familiar  traps  as 
the  fact  that  ' GDP  does  not 
measure  real  national  income 
(to  get  at  that  figure,  you  must 
take  account  of  the  terms  of 
trade),  or  that  the  output  of  the 
civil  service  is  taken  to  be  equal 
to  wbat  is  put  in  (so  that  the 
manpower  saving  exercise  now 
going  on  will  be  recorded  as  a 
drop  in  national  income),  and 
you  will  begin  to  appreciate  the 
difficulties.  It  is  enraging  that 
we  still  have  well  over  a year  to 
wait  before  the  CSO  will  be  able 
to  give  ns  "real”  figures  which 
reflect  the  relative  values  of  to- 
day, rather  than  those  of  the 
Jenkins  era— so  much  so  that  one 
bank  I know  is  working  on  its 
own  revision  of  the  figures.  I 
will  be  fascinated  to  read  the 
results  of  this  exercise,  but  1 
can  already  make  one  prediction 
about  the  result  with  complete 
confidence.  It  will  be  wrong. 


Mr.  A.  E.  Frost  has  been 
appointed  a director  of  S.  G. 
WARBURG  AND  CO.,  merchant 
bankers.  Mr.  Frost  retired  as 
finance  director  of  Imperial 
Chemical  Industries  at  the  end 
of  March  and  he  became  a 
director  of  Marks  and  Spencer  at 
the  beginning  of  AprlL 

Hr.  R.  N.  Kelly  is  leaving  the 
Boards  of  Mercury  Securities  and 
S.  G.  Warburg  and  Co  to  be 
managing  director  of  Compagme 
MonGgasque-  de  Banque  in 
Monaco. 

* 

Hr.  Donald  H.  MeCree,  a senior 
vice-president  in  the  international 
division  of  MANUFACTURERS 
HANOVER  TRUST,  is  to  become 
manager  of  its  London  branch 
to  succeed  Hr.  Harry  Taylor  later 
this  month.  Mr.  MeCree  will  be 
in  overall  charge  of  MHTs  busi- 
ness in  Britain,  and  will  head 
most  of  the  bank’s  British  sub- 
sidiary companies.  Manufacturers 
Hanover,  the  London-based  mer- 
chant bank,  will  remain  under 
the  direction  of  Hr.  S.  A.  Con- 


stance. Mr..  Taylor,  a senior 
vice-president  and  deputy  general 
manager,  is  to  take-  up  another 
appointment  within ^the  group. 

*' 

Hr.  John  EL  Etberton  has 
become . deputy  chairman  Of 
MACLAINE  WATSON  AND  CO., 
a member  of  the  Metal  Traders 
Inc.  Group. 

* -. . 

Hr.  P.  R.  Keyes  has  been  ap- 
pointed a managing  director  of 
REDIFON  COMPUTERS.  He 
joined  the  group  to  1971  and  held 
the  post  of  general  manager  in 
Redifon  Electronic  Systems. 

*•  . 

Mr.  Pan!  Bailey  has  been  ap- 
pointed to  the  Board  of  J-  W. 
CHORLEY,  a member  of  the 
Galliford  Brindley  Group. 

* • 

Mr.  Tom  J.  Granby,  chairman 
and  managing  director  of  Tom 
Granby  Associated  Companies, 
has  been  elected  chairman  of  the 
NATIONAL  FEDERATION  OF 
POULTRY  MERCHANTS. 


She  Financial  Times  Thursday  August  19  1976 


ENTERTAINMENT  GUIDE 


Thrifty  Trio  could 
spring  surprise 

THRIFT?  TRIO,  who  Showed  the  Coventry  Stakes  at  Royal 
that  her  form  in  the  King  George  Ascot,  after  making  every  yard 
Stakes  at  Goodwood,  in  which  of  the  running,  can  land  another 
she  faded  rapidly  a quarter  of  a valuable  prize- in.  the  Gim crack 
mile  from  home,  was  all  wrong  Stake* 

when  obliging  in  the  Maynooth  Nefl  Adains*  Comedy  Star  colL 
Handicap  at  Phoenix.  Park  10  the  winner  there:  in  a slightly 
days  ago,  could  spring  a surprise  better  time  than  the  highly  rated 
In  to-day's  William  Hill  Sprint  Iimone  achieved  in' the  Chesham 
Championship  at  York.  Stakes,  Is  just  preferred  to  the. 

Deitnot  Weld’s  tough  Ameri-  sole  Irish  chaMenger,-  Nebtnolo, 
can-bred  filly  made  remarkable  who  bids  for  a fifth  consecutive 
progress  last  season,  winning  six  success, 
of  her  nine  races  after  an  lines-  ., 

ceptional  juvenile  campaign.  w I 

She  looked  to  be  right  back  to 
that  fine  form  of  a year  ago  z.iw— mngiet  ^ 

when  defying  10  st  in  the  u 

Maynooth  Handicap.  3.08-— Cawston  a Clown 

Always  on  the  heels  of  the  3.40 — Thrifty  Trio 

leaders  at  Phoenix  Park,  Thrifty  — * 

Trio  found  little  difficulty  in  4-4B~Mo\ing  Isles’** 
taking  control  whfen  asked  by  ■ 5J0 — Beethoven* 

Johnny  Roe  a furlong  from  BRIGHTON 

home.  2.00— Goldania 

At  the  line  the  Curragh-  220— Step  Ahead 

trained  filly,  who  won  in  the  4L0O — Funny  Valentine 

fast  time  of  57.9  seconds,  had  ....  — 

a length  to  spare  over  Avup  _ 

River,  to  whom  she  was  conced-  _ .In  ^a^es' 

in*  two  stone  * Isles,  who  surprised  many  Ascot: 

Thrifty  Trio,  who  is  certain  rac^oers  toe  weeks  ago  when 
to  be  at  attractive  odds,  looks  to  cQ^orta^  hcditing  Navigator  a 
be  better  value,  in  what  will  be  a £1  on  fOTOurite.  in  the  Cran- 
closely  fought  race,-  than.  Loch-  ^ura  Chase  Stakes;  appeals  as 
nager,  the  hot  favourite  and  a SOUI1“ bet- 
hope  of  the  north.  I shall  not  oppose  Beethoven, 

Cawstan's  Clown,  who  kept  on  bidding  for  his  fourth  successive 
with  tremendous  determination  victory  in  the  Ctty  of  York  Nur- 
wben  holding  off  Lordedlaw  In  sery. 


APPOINTMENTS 

A.  Frost  joins  Warburg 


ATT 


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NfjW. 


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A YOUNG  VIC.  - 1 

VS  ARE  CONT1N 
ON  PAGE  23  ' 


CRITERION.  930  321 6.  Air  conditioned. 
E*s*.  8.  Mat.  Thur.  3.  Sat.  5.30.  8.30. 
AL  EC  McCOWEN 
MICHAEL  BPYANT 
JUDY  PARFITT.  ANNETTE  CROSBIE 
ID  THE  FAMILY  DANCE 
by  FeHctty  Brown* 

."  Very  funny  . . . brilliant  ...  an  even- 
ing. M delight,**  H.  Hobson.  Sun.  Times 


DRURY  LANE.  01-836  BIOS.  Evenings 
8.0  SHARP.  Mat.  Wed.  and  Sat.  3.0. 
A CHORUS  LINE 

"A  RARE.  DEVASTATING.  JOYOUS. 
ASTONISHING  STUNNER.-'  S.  Times. 


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t Indicates  programme  in 
black  and  white 

BBC  1 

t Indicates  programme  In 
black  and  white 
7-05  ajn.  Open  University  (UHF 
only).  9.40  Dastardly  and  Muttley 
in  their  flying  machines.  9.50 
.Tackanory.  10.05  Devlin.  10.30 
Roobarb.  Ift35  Country  Search. 
11.00  Golf:  The  Double  Diamond 
World  Golf  Classic.  12.20  p.m.  On 
the  Move.  12.30  Panorama  Special: 
The  Republicans  Choose.  1.15 
News.  130  Bagpuss.  230  Golf: 
The  Double  Diamond  World  Golf 
Classic.  4^3  Regional  News 
(except  London).  4.25  Play 
School.  -L50  Here  Come  the 
Double  Deckers.  5.15  Guided  by 
Ne  Ne.  5-40  Magic  Roundabout 
SA5  News. 


6.00  Nationwide. 

6.45  Bellamy’s  Europe. 

7.15  Top  of  the  Pops. 

7.50  Happy  Ever  After. 

8-20  The  Risk  Business. 

9.00  News. 

9.25  Sailor. 

9.55  Play  for  To-day. 

11.05  Panorama  Special:  The 
Battle  Begins. 

11.35  Weathcr/Repional  News. 

All  Regions  as  BBC  1 except  at 
the  following  times: — 

Wales — 5.1S-5.40  pan.  Pen  Draw’r 
Byd.  &00-6.45  Wales  To-day.  6-45- 
7.00  Newydd.  7.00-7.15  In 
Rehearsal:  Paratoi.  1L35  News 
and  Weather  for  Wales. 

Scotl and — 10.15-11.00  n.m.  The 
Wonderful  World  of  Disney.  6.00- 
6.45  pan.  Reporting  Scotland.  11.35 
News  and  Weather  for  Scotland. 

Northern  Ireland — LSM35  p-m. 
Northern  Ireland  News.  64)0-6-45 


Scene  Around  Six.  1L35  News  and  All  ITV  Regions  as  London  Leachman.  lam  The  Gamekeeper,  1140 
Weather  for  Northern  Ireland.  except  at  the  following  times: — ;KfL5S55l*  t.-cgS!£?1,u  , 

ANGLIA  Service  except:  iJ&B  p^PiSSb 

North  (from  Leeds,  Manchester,  aiiulja  Newyddion  y Dydd.  us4js  nie  Yu 

Newcastle);  Midlands  To-day  g-”1;;.  Another  aumce.  U-38  y Bydi  44&4J5  y Dydd.  xlm  Com- 

ffrnm  Rirmlnehaml-  > Look  Ea<rt  Rficreanon  aim  imerestt.  1-25  p.m.  Anglia  maud  Performance. 

SllT™  Wr,™^hv  ' Pn Wlf;  New*.  230  Women  Only.  <L2S  The  Romper  HTV  Waat-nAa  HTV  General  Sendee 

(from  Norwich),  Points  West  Rajm.  430  Anita  to  JnmWeland.  520  except:  12WJ0  ml  RerertWestHea" 

(from  Bristol),  South  To-day  Follow  That  Do*,  630  About  AngELa.  420  lines.  425430  Sport  West  ■ 

(from  Southampton);  Spotlight  Arena.  BJO  Thursday  TV  Movie:  “The  . _ 

South-West  (from  Plymouth).  ^ SCOTTISH 

nnr  T The  Living  Word-  • T,*L S*”1  OonsbnuL 


«cwt  a the  foUoWtng  to.es:-  ^ 

ANGI  1a  Swvlce  except:  1-2WL2S  pas.  Penawdau 

^ Newvddlon  Y Dydd.  43S4J5  Ble  Yu 
“JS  •JDL.  Anotlw  dunce.  XU8  Y Byd?  «JU«J5  Y Dydd.  Uj«  Oom- 


(frora 
The  (from 


South-West  (from  Plymouth). 

BBC  2 


6.40  ajn.  Open  University. 

11-00  Play  School. 

4£5  pjn.  Golf:  The  Double 
Diamond  World  Golf 
Classic. 

5.00  Open  University. 

7 JO  News  on  2. 

7-40  Word  of  Mouth. 

8.10  Festival  40:  Civilisation; 


The  Living  Word.  • Svreet  s“?"  DonstaniL 

UAH  Another  Chance.  1130  Look-Up. 

A TV  MTDT  A NT) <2  50?4  *“•  weatha-  Bepon. 

7.  AA.v  lUlLiLAIMJa  2JV  Women  Only.  435  Tarzan.  538Klrt, 

1L00  ajn.  Stingray.  HJ2S  Survival  S25  Crossroads.  U8  Watch  This  Space- 
US  David  Hand  Cartoon.  U0  p-m.  638  Gamock  way.  830  Cartoon.  835 
U0J!P“  ATV  NeWsdeak.  '43S  The  Lone  Ranger.  " The  Shell 11  (TV  movie).  1U0  Police 
Golf.  430  Time  Tunnel.  6JM  ATV  Today.  838  Story.  U35  Late  CalL  1L4D  Between 
The . Thursday  Movie:  **  Get  Chrhtie  the  Lines.  U35  Summer  Gardening. 
Level  ” 10-40  Gardening  Today.  1U0  

The  Collaborators.  1238  ml  Father  SOUTHERN 

P*SCfa*L  W38  ml  Sammy- Hamster's  Adventure? 

; cation-  RAPDPP  ??_?*.  Klrertant  HUB  Another  Chance. 

1“™“'  m/RL/tlK  . U38  Recreation  and  Interests.  130  pan. 


F.T.  CROSSWORD  PUZZLE  No.  3 161 


The  Fallacies ; of  Hope  by  ^ Another  a***;  • XL*  «o  u 

Kenneth  Clark,  and  at  T9-00  Recreation  and  Interest.  tL2B  pjm.  Slnbad  Junior.  5^5  Crossroads,  430  Day 
Lifeline:  Reality  and  the  Border  News.  SJO  Breaktbne.  430  by  Day.  430  Survival.  130  ■■  Get  CUrtatJe 
Unconscious.  Bolder  News  and  Look  around.  830  The  Love!  " JTV  Movie).  1830  Department  S. 

9 HI  Thp  Chris  Rarhar  Rand  rn  '^n^n  Advwstttre  Fttn:  “ Rondo  and  B41  Santbera  Mean  Earn.  313B  Made 
ine  imns  uaroer  Band  m ^ Apaches."  U30  Gardening  Today.  In  England, 
conceit.  7i  ns  poijce  Story.  11235  un.  Bonier  ‘ 

10.00  Inside  story.  News  Snnuna^  TYNE  TEES 

10-45  NewsaighL  . * rerj  i ivnvrrr  1L5  an.  Starting  Point.  1038  Another 

1JL00  Golf:  The  Double  Diamond  CHANNEL  Chance.  ii3o  Look  Up.  uo  iua.  Nonb- 

Worid  Golf  Classic  thigh-  p-p-  Channel  Lmcbtime  Neva  and  east.  News  and  Lookammd.  238  Women 

lights)  Weather.  A2S  The  BeachcanAers.  *30  Only.  AS  The  Young  'Music  Makers, 

tl  U rincArinum-  Dam  "Hie  Time  TtameL  tfi3B  Channel  News  and  *30  Beachcombers.  530  Follow  That  Dog. 

lbSQ  Closedown.  Patricia  Peoy  Weather.  14J0  The  Dorts  Day  Show.  430  Today  at  Six.  1*30  “ Eye  Witness." 
reads  Horses  by  Horo thy  8JS  TV  Movie:  - Dying  Room  Only."  starring  Robert  Montgomery,  li-40  Police 
Wellesley.  U30  Treasures  in  Store.  H-U  The  Story.  1135.  EeQogne- 

_ Adventnrec.  HJO  Ride  to  a Spanish-  

LONDON  Virgin.  .12235  Actualities  et  Prulectioog.  ULSTER 


GRAMPIAN 


I 10 J0  am.  Summer  SchooL  11  JO  “ GRAMPIAN'  uST  uwS 

[ Boney.  1L50  Who  Matters?  12.00  103D  a-m.  Another  Chance.  HJS  News  Headlines  followed  by  Lnochtime. 

Animal  Kwackers.  12-10  p-m.  Recreation  and  Interests.  130  wn  290  UTV  Profile.  <L2J  Ulster  News  Head- 
Hkdcnrv  House.  » « ReDubHcnns  Grampian  News  Headlines.  435  The  hues.  435  Taraan.  S30  Breaktime. . 430 
KTbS “S  Beachcombers.  435  Bfg  Blue  Marble.  Summer  Reports.  1830  The  Thursday 
Decide  1-W  irim  Report.  News  UB  Kids  and  Us.  638  Grampian  News.  Adventure  FOitu  “ Footsteps  m-ihe  Fog.” 
With  Leonard  -Parkin  plus  FT  L10  WaoWnda.  S38  TV  Movie:  " She  starring  Stewart  Granger  and  Jean  Slm- 
Index.  1 20  Lunch-time  To-day.  ■Walts,"  starring  Dorothy  McGuire.  2830  mons.  1M  The  Streets  of  Bra  Francisco. 

USA  WESTWARD  . 


of  Good  Afternoon.  220  Racing 
frwn  York.  4-25  Born  Free.  5^§ 
Spiderman. 

5.50  News  from  ITN. 

6-00  To-day. 

625  Crossroads. 

7.00  The  Bionic  Woman. 


GRANADA  M3S  turn.  Sltippy.  HUS  Another  Chance. 

Ujo  Recreation  and  Interests.  .1235  pjjl 
U30  ui.  Sesame  Street.  138  tun.  Gns  Honeybun'e  Hhthdays.  130  Westward 
Take  Kerr.  435  Taraan.  535  This  Is  News  Headlines.  435  The  Beachcomber*. 
-Your  Right.  530  Crossroads.  430  430 . The  Time  Tunnel.  430  Westward 
Granada  New*  Headlines.  1430  Beverly  Diary.  830  TV  Movie:  " Dying  Room 
HmbUUes.  73g  The  Bionic  Woman.  830  Otfly,"  starring  Claris  Leachman.  3030 
Thursday  Adrentnre  FBm:  “ Hondo  and  Treasures  In  Store.  1L10  waswanl-  Late 


8.00  This  Week:  “ The  Republi-  the  Apadtcs.”  HMD  Herh  Alpezt  and  the  News.  1132  me  Adventurer.  1130  Hide 
cans  in  Crisis.”  TJ.B.  U-40  Spy  Force.  1230  aju.  Thank  to  a Spanish  Virgin.  1235  a-m.  Faith  for 

8L30  The  Red  and  the  Blue.  Toa  aoodnlght.  Life. 

ggiSr8*'' BtarrinE  HTV  . . YORKSHIRE 

'lanA  Mpant  U3S  sura.  Another  Chances'  j = 1 XL38  1130  &jsl  FeUr  the.  Cat.  U30  Break- 

,a  in  fn.  n^,r_  Recreation*  and  Interests.  130  P-m.  time.  113S  Woodbtnda.  139  Pan.  Calen- 

Three  tOr  TW°.  R««rt  West  Headlines.  135  Report  dar  New*.  *35  TfaanderUrds.  530 

1L35  Marcus  Welby,  MD.  Wales  HeadUnes.  230  Women  Only.  425.  Elephant  Boy.  430  Calendar  (Bmley 


ACROSS 

1 Times  to  subdue  the  spirit  in 
q Russian  city  (6) 

4 Followed  a girl  returning 
after  tea  (8> 

8 Difficulties  characteristic  iu  a 
ship  (7) 

9 Repeat  gives  salesman  an  in- 
crease of  salary  (7) 

11  Obtain  the  portion  after  a 
successful  audition  (3,  3,  4) 

12  Drink  like  a fish  (4) 

13  Boudicca's  lot  (5) 

14  Find  out  the  CID  Inspector’s 
disguise  (S) 

16  Atmospheric  disturbance 
makes  the  City  district  rap- 
turous (8) 

18  How  low  can  you  get?  (5) 

20  A stronghold  you  have  to 
maintain  (4) 

21  If 5 cheek  for  a Berkshire 
town  io  pass  the  message  (2-7) 

23  Coloured  girl  finds  a place  in 
the  West  Country  (7) 

24  Ecclesiastic  gets  one  thousand 
in  to  talk  (7) 

25  Han's  ultimate— a household 
chore?  (2,  4) 

26  Not  accustomed  to  mint  (6) 

DOWN 

1 Head-dress  right  in  a small 
child  (5) 

2 Lefs  cat  for  a change  in 
America  (7) 

3 “ rve  got  him " (Mikado) 

(2.  3.  4) 


5 A letter  from  Albert  warning  Expert 

of  danger  (5)  - 

8 Learning  may  upset  the  young  RADIO  1 
child  in  school  (7)  cs»  sum 


iam  Mom  1038  aura.  Another  Chance. : = i XL38  ZL00  lb.  FeUr  the  Cat.  «LM  Break- 

in  in  'rhr-oa  Air  'Turn  Recreation*  and  Interests.  130  P-m.  time.  1138  Woodbind*.  330  pjn.  Calen- 

lOAO  Three  tor  TWO.  R«wt  West  Headlines.  335  Report  dar  Now*.  *35  TfaandeiWrds.  530 

1L35  Marcus  Welby,  MD.  Wales  Headlines.  230  Women  Onhr.  425.  Elephant  Boor.  430  Calendar  (Bmley 

1£30  a-m.  Close:  Tina  Heath  reads  7116  Woody  Woodpecker  Show.  455  Moor  and  Behnont  edition).  830  " She 
nrw,  of  William  Rlabp’s  fantastic  Voyage.  t5JH»  Chuckleheads.  Waits.’!  starring  Patty  Duke,  David 
Slnr-C  rtf  TnnwZ.  ,2|  j SJS  Crossroads.  431  Report  Weat  4J5  McCaBum  and  Dorothy  McGuire.  MS 
Songs  Of  Innocence  and  of  Report  Wales.  4JS  Trash  or  Treasure.  Night  Gallery.  UL40  Police  Story,  nw 
Experience.  IJO  «•  Death  Sentence.”  starting  Charts  Oscar  Peterson  presents  . . . Count  Basle. 


8 Learning  may  upset  the  young  RADIO  1 247m  Bartok— concert  fS).  us  Matinee  Uad-  News.  73*  The- Worid  in  Poena,  TJo 

child  in  School  f7i  i cale  (SI.  255  TloUa  and  plana  redial:  Any  Answers?  MM  The  Detectives.  835 

_ .,in  C ” *L*  S TjMTtSiS  Hutu..  3*******  Bretons  'S).  SM  "Blood  Everybody  In!  An  Invwtltratipa  Into  the 

7 "Evil  perpetually  tends  to  Weddhig,"  opera  hi  three  adfe,  music  by  proving  trend  of  the  Closed  Shop  la 

» (Spencer)  (9)  Srekotay-^«g  1 and  2 <S).  455  huemi  Britain.  0J0  Xalekkneope.  950  Weather. 

10  Disadvantages  convintant  we  ~ 

S Srun^c(sho  re,,re,iam  M ssre-™r  r - 

ineir  country  newsDcsu.  ojb  Sam  Costa  iSt  fjonifi  pan  !■  ThaetL  Blokn  a » Tha  _ _ _ 

13  Stormy  saint  follows  in  (9)  ObS.  r^io'^  “ ^ rl% BBC  Radi°  Lo3ad(m 

15  Stxuge ! herds  in  an  ancient  radio  2 LSOOm  and  VHP  The  AngS*  of' a is&i&x scimbert 

F"!  (9  ■ t , | . ™ summary-  452  CoUb  -»  «■  wff 

11  Coming  to  a point  iu  upside  (S)  __toclmflng  W5  Pao»  for  , vhp  aab^un-w  . ^ ^ with  London  Live.  1UB  j«jmr  Thomp- 

down  bureaucracy  (7)  J?  X2?LWo‘?5BtSLlBC,ua?,f!  sjmjb  «“  wasm  to*il 

M What  Thomas  Z cited  (7,  flJSTJE  ^DIO  4 . - 

SOLUTION  TO  PUZZLE  ™ ««■  (also  202m  New*  ^ Rto  trith  la  Town  (SuS  «jil).  83d 

No.  3460  R"SgJnan  7"°*  and  JKSS^J,*-?SWL»2f  Getting  Gtdng.  838  In  Concert.  BUB 

-porta  Waggoncnr  want.  ”•  Robbie  Vincent's  Late  Mafrt  London. 

Jpom  D«J  (Si  "gdu  UBT m ^Reghmd  Nmrt.  W ^ ct0Kaamim  As  Radio  L 

mdndlps  535  Sparu  Desk,  be  Sports  WTuaKyCaJMe.  part  B,  rum. .ms 

D«k.nwa  wit-a  &ml .is*  spw«  r»«t  3LiOndwi  Broadca$6ng 

is  wAT’wtoS'rtS'S  sag  iS;  SS^S«S”j£?iS3SeSf  S3  aamendwjvHF 

tS».  loo?  Sports  Desk.  10.05  FoDtveave  New8-  H55- With  Great  Plaasan:  Edith  ; 530  aJti-  Morntas  MnskL  430  "A.M."— 
tSl.  1132  ew  Duhrldge  wtth  The  UM  Evan»  w1*  her  fasDurlte  oomns  and  bre^jrfasttinM  flww.  1M0  Brian  Hayes 
Show  (1509m  only,  also  *****  Scotland,  excerpt*  from  plays  <Sj.  1150  Edgar  ^-jjfligng  to  LOtiann.  Ltw  pjn.  xwirawataL 
VHF  loins  Radio  1).  1230-1235  ajn.  Lnrgartoi  Remembers. . . 1230  News.  530  Newauesk.  730  Mnslc  m Stcren. 
item.  pjn.  Ton  and  Ynnrs.  123T  Tha  Mm  750  NfghtUne.  130430  asn.  Nhdnwaich 


SOLUTION  TO  PUZZLE 
No.  3460 


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D 1 nrA  rt  a* „ b,  TTm?  From  The  Ministry.  02.S5  Weather,  pro-  —mure  every  half-boor  throogh  the  right. 

RADIO  3 ««n»Srtcreo&VHF  new*.  VHP  rexcept  London  and  Canifal  Radio 

X Medium  Wave  only,  SB)  Regional  News.  130  The  World  At  XUttUV 

3455  tan.  Weather.  730  New*.  73S  Ono.  130  The  Archers.  lAi  Wooten's  Hoar.  - -•  - 194m«in9MYHF 

Overture:  Sohor.  Weber,  Pizls  (S).  B30  mdndidg  230332  News.  235  Listen  630  jun.  The  Breakfast  Show  with 
New*.  035  Morning  Concert  (Si.  030  With  Mother.  330  News.  335  Afternoon  Adrian  Lore.  930  -MJChati  AaptL  1230 
News.  935  This  week's  Composer:  Theatre  (SI.  350  Jack  De  Mario  Pre-  Dave  Cash:  Cash  on  Detivtcy.  330  tun. 
Brahms  (X).  935  Bandstand  (5).  2025  dgoty,  tecladlng  430336  New*.  435  Story  Roger  Scott.  730  London  Today.  73» 
Music  From  Lancaster  rgi.  1120  ne  TJmc.  530  PU  Reports.  2S50  Ffnaariai  Open  Line-  930  Toot  Mother  Wouldn't 
Charm  Directors.  1238  New  Records:  Report.  VHF.  Rational  News.  5-35  UJre  In  Capture  powlar  heavy  rack 
Music  by  Barber,  Dnparc.  Haydn  (St.  Weathor.  programme  news-  430  News,  show-  U30  Tony  Myatti  The  Lata  Show. 
130  nan.  News.  235  Tchaikovsky  god  635  Dad*a  Amy.  435  The  Arctics*.  -730  230430  nan.  Night  Flight. 


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Record  review 


and  Americans 


by  WILLIAM  PACKER 


:,.  wi‘-  . • •••  '■•  '•:  - X7*-  -7  • . •■■■  -.  : .■  ...'.;  ::. 

* V^^-Tie  tbwne, -The:  jEnvironraentv  satisfying."  Despite  the  manifest 
v>-~^ivh  aH  its. -possible  . physical  good  intentions  to  achieve  quite 
_ i.-r*J  sociological  ramifications,  the  opposite,  the  lasting  impres- 
!L:'.  • : , .‘Vj-e  **«  • nations  partiapafang  in  si0n  i*  of  Sroi*  that  might  as 

Biennale  *gfl«te  scope  if  well  be  shown  anywhere  that 
' whereby  th^  has  four  walls,  and  adjoining 

^t^Pl-1****  Scored  galleries,  And  two  of  theseulp- 
spirit  that  lay ’behind  the  tors  show  work  that  Is  safely 
„ ? °r  -f  tfc-  ybPMl  .conventional.  given  the  particu- 

'^v:‘  ^tlar'preblww  ^tk  ’»«*•  they 

v our  world,  must  always  con-  - jpjy 
%->ute  something  to  the  «»cesr  _.  • ‘ • ...  ^ , 

, ’-j'-Sy  share  with  ns."  affecting  The  plan  pf  the  building  is 
' ; Sm  marginally,  ; tf -..  nothing  .symmetrical,  simply  aT  large 
; -_-  •■^'re:  and!  for  some  -cnirntries  central  hall  with  two' smaller 

was -evidently  enoughs  rooms  on  either  side:.  ..Reiner 
Vv-  ,•  : .‘•/here  others  treated^  us  to^Rotiienbeck  has  taken  over  one 

* ■'■J4.:te£a  things,  ag.  a documentary; pair,  to  use  as  a single. space. 
t : ':*■■*■  ^deration  of  the  Living  En-  Thick  elasticated  xop'es  have 

/ maent  ^Netherlands).  - - a beeQ.strung  from  the  far corners 
^lographlc  essay  "on'  .the  and  ceiling  line  of  the .one  to 
•^tXgtrage  of  the  House  (Japan),  those  of  the  other,  adl  of  them 
* -^  'historical  survey  of  Art,  dosing  together  - -to  squeeze 

, rlntectare  and  . - Townscape  through  the  door . in'  the  party 
A'iiingazy).  they  were  happy  to  wall.  The  ropes  fdnn ; a screen 
\s.\  £.#■"'■■  nothing  but.  paintings  .which  limits  our  access-  to  the 
/•<  aeytiela.  :Austria); . relief  space  within:  we  can.  -only  peer 
- jtings  (Canada),  mixed  hags  through  into  the  forced  perspec- 
- ■? ' (Belgium.  Brazil,  Nor-  tive,  and  experience  a mild, 
\ •? or.  the  obvious  expedient,  moir€4nduced  frisson'  of  dis- 

' 'i^ptufe  (Denmark,  Colombia,  location.  . v 

. . :,*S£ SttHiSSSSi-w.' 

££££  though  he  suhsests  it  it  really  a 
v A ^Lf1^IfrU1Qr1fLe+  centaur- in  difficulties  while  dis- 

/V^rectiJS’  rfUe^femes-^nd  iD^f^?astaD-d 

. ■ can  be. a sculptor  and  not  musing  conceit.  TJe  beast  is 

. : ; ider  space?  • But.  as  the  ha>*  in  onl  ro?n- J?aLf  £e 

. . • ‘niner  wrote  at  the  -foot  of  <**»;  as  though  stuck  m the 

- :,b>  page,  hardly  any  serious  ?»Ie  it  appears  t<x  have  made  in 

-- *-,t  was  made- to  answer  the  the  wall*  its  head  out  of  sight 
• • -rtion  through  a trap-door  in  the  ceil- 

- '"'  ''.'it  a few  pavilions  came  i“S-  All  around,  blank  paintings 

;er  the  mark,  where  the  work  bang  on  the  walls,  and  reading- 


vtfy.-: ..  entitled:  Critic 

_ American  An." 


ns  Katerina  Ismailova 

by  RONALD  CRICHTON 

The  Amerireps  try  to  make  us  r_,;'  With  Sergei,  she  is  packed  off  Germany  and  Britain  under  the 

do  the  same  fillmg-their  pavilion  . t0  Siberia  with  a draggle  of  con-  Telefunken  label  i provides  an 

wtb  eriubmon  proud,y  vlcts*  in  a final  act  that  has  opportunity  of  comparing  Mus- 

ea titled:  Critical  Perspectives  in  Ivirh  h'nanC  inevitable  overtones  of  Manon  sorgsky  wiLb  Debussy,  whom  he 

American  An."  The  perspective  Samaaxsky/Semiroeich  - Dan.  Le^uf.  Sergei  turns  his  attcn.  ^ influenced.  One  of  the 


mi 


mm 


' v‘V' 


7 . ■ ^ ^ l Ahantrft  rnt,'  • fjJCi  LUlDb  HIS  HIAA'II-  IITUCU  I LLU UrDCcQ . UUf  Ul  lilt? 

va  pretty  short  reRecting  the  ^enko  ■pea^  Mosciw/Prova-  ^on  t0  a younger  woman  convict,  songs  in  Sunless  contains  that 
touching  and  widely-held  belief.  uu?  cinqs'  Burt  beyond  endurance.  Katerina  wispy,  downward-swaying  proces- 

arv?°.n^,  .Amencan  MMsorEsk^^T  fi^.r505°i:^lnno'  Pushes  the  girl  into  a freezing  sion  of  ehords  that  in  another 
historians  that  history  can  be  Kruvse^ky  T I"‘ede  lake  and  j°mPs  in  after  her.  form  turned  up  in  Debussy's 

written  almost  as  it  happens-  A w Lee-  Telefunkcn  The  set  is  worth  having.  Not  ^tuiges  and  in  Stravmsky  s 

few  oftbe25  works  on  show  date  «.4l9^  AW.  ^.99.  much  refinemenL  but  plenty  of  Chant  du  Rossigwl.  Does  Kruy- 

back  to  the  earl>  1960s,  most  are  * punch.  As  Katerina,  Eleonora  sen  overdo  the  blanched,  ghostly 

recent,  some  made  for  the  en  Lee.  Telerunken  AS  6.41-93  Andreeyeva  begins  stolidly  but  tone  in  the  Debussy  songs?  Yet 
occasion.  But.  though  small,  the  ‘r-"‘£  rH.a._  /«-„««*  improves  consistently  up  to  a it  is  wonderfully  effective  in  the 

sb°^  V°iJ.,nr  ,fi»not  amb,Vi?US'  ™oving  last  «eae.  As  ber  lover,  second  set  of  Fetes  galnnlcs. 

with  15  artists  between  them  L®®-  Telefunken  6.41-98  AS.  Sergei,  Gennady  Yefimov  is  bard  above  all  in  a performance  of 

covering  five  major  categories  of  *—■ but  competent.  The  second  tenor,  “ Colloque  sentimental  " as  good 

prw^,P-.  . w-  Pai®t]nS:  Shostakovich  Q second  noem  Vyacheslav  Radzievsky.  shrills  as  one  is  likely  to  hear.  Sun? 
PerCf^J,  °i'!5’ °^ectb0°d:  cul‘  fthe  first  was  The  \7isel  mLo  8011  bleats  as  the  husband — the  record  includes  two.  perforin- 


covering  five  major  categories  of  -E2-99.  but  compett 

pre-occupation:  field  painting;  ~ 7 Vvacheslav 

cul-  (the  tit'  wS  “i  bl.e“ls  as  tne  nusoaua — me  record  includes  iwo.perionn- 

tural  iron>;  narrative  art  out  |n  ^ early  1930s  as  The  fortunate,y  not  a long  part  The  ances  of  the  Tristan  LUennite 

Three  critics  cover  the  field.  Maebedi  nf  \ltsmsk.  a de®Per  male  voices,  as  so  often  poem  " Aupres  de  cette  grotle 

each  contributing  to  the  special  eiuiusv' shnrteneri  in  Fnn  in  Russian  recordings,  are  better,  sombre"  which  Debussy  carried 
catalogue  a lengthy,  often  con-  iL  f J ,ho  “S  “of  Eduard  Bularin  as  Boris  the  over  from  the  Trots  Chtmson-s 
tradictory,  apologia  for  the  par-  LenS  di sni ct"  after  the^ wor5  father-in-law  Ls  uncommonly  de  France  to  Le  Promenoir  des 
titular  choice.  There  are  splen-  hv  Lwkftv^  wh^h  thV  nn^  vivid— the  disconcerting  changes  deux  amanls,  both  included 
did  generalisations,  generous  // hased  Thou  Jh  t vvorkmu^r  of  tone  flua^ty  are  presumably  here,  one  must  conclude  that 
claims,  and  beftily  unsurprising  £ ave^ ann eared  «;rr on«  m eatat  a recording  defect.  The  old  this  is  a conSation.  Fortunately 
statements,  all  made  for  our  gjJ?  ^hpinfli  al  verd  i^was  f convict  of  Georgy  Du  dare  v la  it  includes  also  the  very  fine, 
enlightenment:  “Few  artists  of  Sir*1  role  added  or  expanded  For  the  neglected  Trout  Ballades  de 

the  post-war  period  have  insisted  ° n “ f‘  i„  at'j  Hi-  revised  version  with,  one  must  Fnincois  Villon, 

upon  using  paintings  more  | /^,  fT*  admit  rather  trite  music  and  The  second  Fetes  aalmztes  and 


enJightenment:  “Few  artists  of 

the  post-war  period  have  insisted  i _ nA1.fnra,,nno  5„  ,a^  vn- 
unon  usin°  naintins«i  more  a Perf°nnance  in  1935.  Hjs 

'th.‘.cJe:'or _bg-ir^St.  thfPorffijiil  boyr  «s 


sonal  feeling,  or  for  its  meta-  ^ b set-tinn'i  led  to  “"“S”  vo‘ce  is  piainiy  noi  tne  amateur  singer  (she  must 
phoncal  potential  than  Mother-  QDC  Qj  ^ ideological  r"ws  at  a^>  but  *n  tbe  prime  of  have  been  good)  Emma  Bardac. 
3*IeU*  ‘ • ,7!hrouSbQut.bfs,far?er;  which  have  beset  Soviet  musical  _ ..  who  became  Debussy’s  second 


sentiments)  is  splendidly  sunt 


The  second  Fetes  galantes  and 
Le  Promenoir  were  dedicated  to 


though  the  voice  is  plainly  not  the  amateur  singer  (she  must 


Motherwell's  acute  intellectual 
and  historical  sensibilities  have 


which  have  beset  Soviet  musical 
life.  Shostakovich  made 


e-  who  became  Debussy's  second 

Dina  Pofapovskaya  as  an  old  wife.  For  her.  Fail  re  had  already 


amends  with  his  Fifth  Sym-  fprl  WJ.®  sets  rowdied  on  the  written  the  Verlaine  cycle.  Ln 


'*  :.t  o -f.-.y  ... ■ m«i. 

-.  ■ » s i.'vl'ir. w 

joseph  Beuys:  1 Tram  Stop’  (mixed  media) 


also  Impelled  him  to  identify  his  pb0ny,  “a  composer’s  answer  to  farm,  f^ina  Isakova  as  the  con-  bonne  chanson,  of  which  a ravish- 
Pa,n^*s  f?eIias  arId  Wlth  just  criticism."  and  his  opera  steals  Sergei.  Vladimir  jng  performance  occupies  one 

nZSrti*  -SSZ  disappeared,  to  re^merge  years  Generalov  as  a conuc-simsteT  half  o[  jhe  Faun?  record.  The 

0v!r  * i, later  as  Katerina  Ismailora,  the  police  sergeant.  Lev  Yeliseyev  olt>er  side  includes  Le  par/um 
it.  with  *£? 2£SJ  °am®  of  the  principal  character,  as  the  village  drunk  (demurely  imp^issable.  a song  that  can 

,WS is The  first  Moscow  performance  of  turn  soggy  but  is  hero  most  sen- 


£££  wilh^ShSitteiTand  v?ith  th^re^s^  verslo'n  took  p“lare  in 
Braque,  with  Schwitters  and  with  h Stani^lavskv/ 


..  r layed  was  . cJearfy  directed  desks  hold  manuscript  after  are  given  the  requisite  (for  a some  years  ago.  Alongside,  set  ^wi^n's  art°remind<;Aus  as^o  No,nir 
.- -'.'-irds  an  environmental  point  manuscript  of  impenetrable  mtr-  ma^  of  Herr  Beuys’  particular  into  the  8oor,  is  a length  of  fe;j,  others  to-day,  of  the  inter-  wl?ose 


, ;:ome  kind,  an  exercise  per-  ror-writing. 


1963  at  the  Stanislavsky/ 
Nemirovich-Danchenko  Theatre, 
whose  company  perform  it  on 


th*  eminence)  avant-garde  gloss,  tram-line,  and  behind  lies  a action  of  the  momentary  and  the  Ibis  Malodlya/ITOV  recordin 


Book  Reviews  appear 
on  Page  19 


turn  soggy  but  is  hero  most  sen- 
sitively carried  through,  and  the 
moonshiny  Arp&ge.  Best  of  all 
is  the  late  set,  f.ftrapes.  four 
songs  with  a vocal  line  moving 
stealthily  through  a limited  com- 


n.-*r s 


E 1M10CJ 


;-Jety.  where  the  work  took  power  by  a heav^handed  singular,  enigmatic  and  some-  Such  universality  is  a lest  of  This  little  show,  sponsored  by  symphonies  but  for  the  picture  of  been  a long  way  from  the  micro-  In  order  to  sec  how  concretely 
i;  Pavilion  itself  as  its  subject  critique  of  the  museum  ethic  ^at  sinister  presence  against  jhe  w-ork  of  art:  and  here  it  the  International  Exhibitions  provincial  grotesques  and  lumpen  phone.  The  conductor  is  Gen-  suggestive  Fa  lire’s  famously  ellip* 

" east  in  part,  to  point  and  (whatever  that  is),  Maxing  at  the  grubby  wails  of  the  pavilion,  might  well  have  been  left  to  Committee  of  the  American  sensuality,  so  fiercely  and  force-  nady  Provaiorov.  who  was  in  deal  late  style  can  be.  listen  to 

’.‘‘‘i  exploit  its  character  (Great  tinny  but  only  just  clipping  the  |eft  damp  and  flaking  after  four  itself:  but  the  itch  to  justify,  and  Federation  of  the  Arts,  a body  fully  drawn.  Presumably,  die  charge  of  the  first  performance  “ Danseuse."  Noel  Lee  is  an  ex- 

” :ain).  The  West  German  cuter.  years  of  neglect.  link  the  work  to  Venice  somehow,  setup  to  review  and  implement  original,  before  bhostaxovich  0f  this  version.  The  important  cellent  pianist. 

■ — ^*ing  fell  within  this  last  The  most  interesting  and  sue-  This  sculpture  refers  directly  proved  too  strong.  The  slight  American  representation  abroad,  toned  it  down  and  softened  tne  instrumental  solos  are  soundly  Though  Telefunken  deserve 

v-v  gory.  cessful  work  occupies  the’ jeentra]  to  a monument  in  the  town  of  downward  curve  of  the  rail,  ex-  makes  us  think  not  so  much  of  character  of  Katerina  from  an  played,  the  important  orcbesrral  thank*  for  making  these  records 

'Viree  sculptbre  were,  invited  hall,  not  especially  large  itself.  Kleve,  a strange  trophy  of  tended  to  a full  circle,  would  the  Cultural  Imperialism,  under  ambivalent  villainess-beroine  interludes  often  shattering.  The  available,  they  have  done  a poor 

■’  Venice.-  to  make  works  hut  a commanding  piece.  It  too  ancient  and  unremembered  lead  us  down  through  the  lagoon  whose  yoke  we  have  supposedly  into  a victim  of  (Tsansti  circum-  chorus  sound  ready  for  War  and  editing  job.  with  hideous  sleeves, 

•cfally  for  the  Biennale,  that  is  emphatically  traditional,  re-  war.  but  familiar  to  Beuys  as  a into  the  earth  and  back  again,  a been  groaning  all  these  years,  stance,  was  fiercer  still.  Art  gets  peace  If  Covent  Garden  aban-  no  words  for  the  Mussorgksy 

■'■-Id  make  sense  within  the  ferriDg  to  monuments,  child.  He  has  made  a rather  profound  symbol:  and  the  rubble,  but  of  Cultural  Parochialism:  ] the  better  of  politics,  however:  dons  Katerina,  one  of  our  other  recital,  the  “grotto"  poem 
rific  areas  of  the  national  memorials  and  totems,  and  de-  wonky  iron  cast  from  the  we  understand,  comes  from  a we  must  wait  to  see  whether  or  Katerina  is  so  eloquently  drawn  companies  should  take  it  up.  referred  to  above  printed  twice 

•lion.  The  results  together  riving  from  them  its  sculptural  original,  an  up-ended  cannon  hole  bored  from  this  very  place  not  it  proves  as  pernicious,  in  the  music  as  to  suggest  a There  aren’t  so  many  20th  cen-  in  the  Debussy  sleeve,  while  the 

:e  the  pavilion  one  of  the  integrity  - - and  imaginative  barrel  surrounded  by  mortar  down  through  the  lagoon,  into  though,  with  quarantine  built  ip.  woman,  not  naturally  bad,  but  tury  operas  of  this  quality.  envoi  of  the  last  Villon  Baalade 

t interesting  and  striking  of  authority;  and  also  conventional,  bombs,  and  surmounted  it  with  the  earth.  Jt  certainly  makes  we  in  the  world  at  large  should  sensual  and  turbulent  enough  to  The  baritone  piano  team  of  left  out,  and  an  inaccurate, 

n alt,  but  also  curiously  un-  in  the  way  such  accepted' virtues  a man’s  head  that  he  modelled  you  think.  have  some  protection.  cause  trouble  even  if  she  were  Bernard  Kruysen  and  Noel  Lee,  foolish  note.  To  refer  to 

. not  the  bored,  unoccupied  wife  though  so  far  as  the  London  coo-  Debussy’s  NoC‘1  des  enfants  qui 

of  an  often  absent  merchant,  but  Cert  world  knows,  it  might  not  n-ont  plus  dc  maison  (a  coy  and. 

one  of  the  merchants  nominally  exist,  is  clearly  on  a very  high  i find  rather  nasty  little  piece 

, - yal  Shakespeare  Theatre  Elizabeth  Hall  *7X w^w  .he  event  ™ 

•i-.-.f  , . . t 1«  4 ■%  Garden  production  will  remem-  lowed  by  the  first  release  in  this  far  And  whatever  the  best 

r rni  ins  and  Clrftssfi H a Academy  of  St.  Martin-m-the-Fields  to  her  step-father,  Boris  Timo-  including  Sunless  and  the  .Soups  EnpHsh^^ranriatioiir^of^m.frrfte# 


froilus  and  Cressida 


Elizabeth  Hail 


by  B . 


YOUNG 


Academy  of  St.  Martin-in-the-Fields 

by  NICHOLAS  KENYON 


feyevich.  who  goads  her  for  fail-  and  Dances  of  Death.  Kruyscn's 
ing  to  arouse  the  interest  of  her  timbre  and  approach  have 
feeble  husband,  Zinovy  Boriso-  exactly  the  refinement  missing 
vich.  and  for  remaining  childless,  from  the  performance  of  the 
In  a brilliant  nocturnal  drunk  Shostakovich  opera.  There  isn’t 


‘melodies.’ 


xhn  Barton  and  Bairy  Kyle,  her.’  If  she  shows  rather  less 


Summer 


directors  of  this  year’s  TroUus  distress  at  her  exchange  than  j- hasn't  exactly  set  the  Thames,  or 


Music  season  cisiveness  and  clarity,  following  slow  movement,  that  insubstan-  scene,  Boris  reveals  that  he  has  quite  the  vocal  personality,  at 
rhe  Thames  or  lhe  unusual  markings  (pwibilow  tial  introduction  (“a  transition  a mind  to  squire  the  missing  son  once  umnistakeable  and  end- 


. Looking  for  Lowry 
subjects 

The  Shuttle  Company,  a new 


Cressida  see  the  r nlav  mixrht  be  ’emeefei  this  « in  the  Lento  flessibile  in  the  from-  nothing  into  the  music."  himself.  Prowling  beneath  lesslv  versatile,  to  put  him  right  The  Shuttle  company,  a new 

-^UBh  the  eyes  of  Pandanis  thenature  the  oarti"  Make  even  ,ts  South  Bank*  on  fire  Vivace)  in  ’both  letter  and  said  someone)— all  these  just  Katerina's  window,  he  overhears  at  the  top  with  Schwarzkopf,  touring  theatre  company  based 

lUereites  ^Tbe^  Greeksare  crown  1^°^  * ha*  Provided  largo  spirit  He  received  good  support  fell  into  place,  attracting  no  tender  farewells  to  Sergei,  one  Baker.  Pears.  Bernac  or  Fischer-  on  Manchester,  is  preparing  a 

anS  of^rogan?  Sprite  offlSwhoSd^in  ActTS  SdS  audiences  for  the  Elizabeth  f?0m  hS  fire  playere:  tog?fter  attention  of  her  husband’s  workmen.  Dieskau.  About  bis  Mussorgsky  show  around  J 

se  actions  are  n>?  theatrical  more  drrnlu  felt  than  “Thinp«  Hall)  and  Tuesday’s  offering  they  conjured  up  the  sunburnt  Id  the  first  half,  the  Academy  Katerina  is  forced  to  act  there  is  a lack  of  something  ele-  L.  S.  Lowry,  and  is  an  ous 

' -heir  thouehts  The  Troians  included  onlv  one  item  of  real  Spanish  world  of  religious  pro-  made  a Mendelssohn  String  Sym-  quickly,  and  soon  the  incon-  mental  that  comes  naturally  to  hear  from  anyone  who  knew 

: ^ romantic  yon  be  men  who  fL  68  interest  This  w^is  Manuel  de  cessions  far-off  folk  songs  and  phony  (No.  9)  souDd  like  the  venient  husband  is  despatched  in  Russian  singers,  but  he  has  a fine- Lowry,  especially  in  his  earlier 

SSb  srf  SS  isr?B5®W55a- 

SHE rIS”srr'  wi,h  sfflsss  -tsr^sv 

• ’i? T?ple,!didIy  played  by  afitb?  Enefish  Bach  Fwtfvaland  5 S the  onW  subtle  per-  in  richness  of  tone  and  absence  ding.  The  police  are  alerted,  and  Faure  recitals  (also  an  at  1.  Chin  well  View.  Levons- 

i only  that  his  concern  affection.  As  Chris  Dyer,  the  on*  w*)1**  repays  repeated  hear-  Academy  of  St.  Martin’s  finished 
ere  of  high  policy  and  hers  designer,  has  put  all  the  ladies’  with  a f«*e.erful.  complacent 

;2rn  sex.  manservants  j^to  drag  Pandanis  For  rt  s a 5”^-  darkly  account  of  Schubert  s Fifth  Sym- 

- tting  their  style  from  this  in  contrast  looks  less^effeminate  coloured,  often  unattractive  phony:  1 think  tbe,f°°5\a“La^ 

; ous  panorama,  the  directors  than  he  sounds.  John  Nettles  wor^*  beset  problems  of  of  tension  (or  indeed  interest i 

deprived  the  play  of  sudi'  Piays  Thersites  with  a touch  of  balance  which  Falla  clearly  felt  in  their  sound  often  comes  from 

- nsness  as  a.  contains.  The  fije  diabo ^suppose  eveiy-  wbeo  f he  .reduces  ^ NeT^e, 

j are  for  fun;  Hector  and  ^e  teneremis  of  the  gossip-  ensemble  to  five  players,  and  each  bar  s down-beat  at  the 

-M  in  'their  battlefield. Siger  SS^rOTCh  they mw  stUl  writes  thick  eight-note  expense  of  the  previous  up-beat. 

. - inter  give  merely  a parody  pretend  todSp^ehS  ^ chords  and  continual  arpeggios  The  eighth  quaver  of  each  bar 

- .'  imlet  and  Laertes.  (Only  “ AcWlfe  faonce  more  ore-  for  harpsichordist,  in  the  first  movement,  the  thud 

• xfs  end  is  played  for  truth,  <j23Srf!  nf  hiX  Landowska  (the  dedicatee)  must  crotchet  m the  minuet,  the  fourth 

ml6e  plenty  of  ooise  oo  quiver  in  tie  MmII  the* 

• -h  a s he  was  in  the  l»t *T! m?e  of  her  habitual  Pleyri  instrument  were  continually  lost.  And 

7 ’mord  TroUus Jhy  MySnidous  srht.*lL  on  his  milder  Goble.  George  where  were  the  surprises?  Those 

. ig  shields  * Die  size  and  adlrisio^te  Malcolm  played  with  ideal  in-  breathtaking  modulations  in.  the 

SiAS  AS  “me-  after,  seven  years  iri  1 I 

- - ^ thft  this  should  be  the  ae-  field  with  his  love  for  Paro- 

s death,  font  results  from  elu5  wouldn’t  result  in  his  sud-  Albert  Hall /Radio  3 
-atrocious  te5»ne?yv  “f  denly.  wearing  elaborate  em  ^ 

. . es,  -a  pj£hon es^-  which  he  broidery  or  making  queenly  ges-  -f  . 

^ i^rne  deaHh°f  ^ tures:  Krichenep  was  probably 
r I?1 h,  iainiing  the  yzc-.  as  queer  as  a coot.  The  sad  thing  lit  / Li  I I. 

the  title  tend 

-VPorr  I,™ef  dMC  derfas-  does  them  by  RONALD  CRICHTON 

•.  ^ ; in ems eives  tne  finer.-.  Among  the  - smaller  parts, 

. Of.  honour.  TroUus  in  .there  is  tome  notably  good  veree  Sir  Adrian  Boult  conducted  So  was  the  shaping  of  the  finMe 

• Gwijvnfg  performance-erw,,v;«o,_^.»e  src  Svmnhnnv  Orchestra  at  which  made  up  in  interest  and 


Boult 


by  RONALD  CRICHTON 

Sir  Adrian  Boult  conducted  So  was  the  shaping  of  the  finale. 


-sses  lhe  romantic  hlngton  as  Hector’  and  Nickolas  timately  for  years—Wagner^  dobdlud  bravura 

-■  passages  very- welL  I do -.Grace  as  Aeneas.  Siegfried  Idyll  and  the  First  Before  the  interval.  John 

. .ink  it  belps  us  to  belfeve  - The  stage -has  beeb  made  to  Symphony  of  Brahms,  and  Carewe  conducted  Berg  s .Cham- 

,ie  is  only  22  to  see.  him  seem  even  smaller  by  erecting  brought  to  them  wisdom,  mellow-  her  Concerto,  with  Gyorgy  Pauk 
; around  the  stage  with,  a flying  huttresses  against  the  jess  and  a watchfulness  that  had  and  Paul  Crossley  the  viotm  and 

-..tip  and- a jump,  or  trying  backstage  circles.  “Backstage”  ;a  streak  of  cunning  For  ears.  P«ano  soloists,  ine  wore  n 

.1  alls,  with  his- brother,  but  -they-must- bb,  in  spite  of  the  pre-  eyes  and  mind  still  full  of  the  *SnS 

.-..ire  small  paints  forgotten  tence  that  they  convert  the  house  Bayreuth  Ring,  oo  more  welcome  55%““"  in  thu 

;.  he  Is  engaged  in  more  into  an  Elizabethan  playhouse;  epilogue  could  be  washed  for  band  U«"»>>nhMD  tins 
_t  pursuits...  - for,  the  production  is  firmly  r than  tins  relaxed,  perform ance  ball 


. ^esca-Anitis  has  no  diffi-  angled  towards  the  stalls  and  of  the  idyll,  in  which  the  tran- 

- n presenting  Cressida  as  a:  some  scenes  right  upstage  are  sitions  were  so  adroitly,  ele-  “e  vto  e 

> Trojan  deb  who- beHevbs  invisible  to  the  unhappy  pa  toms-  gantly  managed,  and  in  which  St  whSr  Mr  Pmikw«  audible 

.Idiersweremadato^uise  sitting  in  t6e  snnts  above  them,  qniet  iA'  “»“»  P.od  made  “is  more 

-■  -.-  • '-1 :i  V ‘ besetting  danger  in  this  piece.  part  had  benefit 

-•  Boult  no  longer  commands  the  of  Mr.  Crossley-’s  knowledge  of 
' firm  physical  grip,  the  sheer  French  piano  music — there  may 
punch,  for  the  first  movement  of  be  no  direct  influence  at  all,  but 
the  Brahms,  though  the  outlines  Berg’s  extreme  sensibility  is 
; were  firm  enough.  In  the  inner  kindred  in  time  and  nature  to 
L„  movements  be  kept  the  music  the  late-romantic  French  school 
moving  with  unobtrusive  skill,  Mr.  Crossley  was  also  at  times 
' separating  rather  than  blending  a tittle  over-restrained — 13  wind 
the  colours,  bringing  the  wind  players  with  parts  full  of  whirls 
well  to  the  fore  (with  specially  and  flourishes  (and  full  of  other 
happy  contributions  from  horn  magical  things  as  well)  can  cut 
and  clarinet),  avoiding  the  through  almost  anything.  But  if 
elosely-knit  haze  of  virtuoso  con-  the  wind  playing  was  not  always 
ductors  who  dress  Brahms  up  as  ideally  transparent,  there  was 
a -master  of  orchestral  goo.  The  vitality  and  colour  enough  to 
effect,  in  this  music  which  often  make  the  performance  abun- 
sounds  over-replete,  was  tonic,  dantly  worthwhile. 

f London  Philharmonic's  1976-77 
m season 

There  will  be  two  world  Chaikovsky  symphonies, 
premieres  in  the  LPO’s  forth-  A high  level  of  industrial  spon- 
cbmlng  season.  Bernard  Haitink  sorship  for  the  season  has  been 
will  conduct  Malcolm  Arnold’s  made  available.  W.  D.  and  H.  0. 
-Philftormortic  ’ Concerto , and  •‘Wills  is  supporting  the  orches- 

. John  Pritchard,  Raffaello  de  tra’  for  the  11th  season,  and  will 
Banfield’s  For  Ophelia,  with  Kiri  also  sponsor  six  Festival  Hall 
te’  Kanawa  as  soloist.  There  concerts.  Support  will  also  be 
will  be  more  recent  work  by  given  by  Shriro  (UJRL)  Ltd.  (for 
David  Bedford,  John  Mayer,  the  third  season).  Commercial 
Luciano  Berio  and  Nicholas  Union  Assurance.  Courage  Ltd. 

. Jttaw;  and  Sir  .George  Solti  will  Marks  and  Spencer.  Olympia 
Treves  and  Hazel  Etlerhy  in-'  tfe  National  Youth  -Theatre’*  new  conduct  Elliott  Carters  Voria- Business'  Machines  Company, 
tion,  * The  Stead,  and  -Butter  Trade/ which,  opened.**  the Sww  Mors  .'for' Orchestra.  Rostropo- Fratelli  Gancia  and  Co.,  and 

...  / -.M  Theatre  last  night  . . vichjs-to  conduct  a cycle  of  the  Charles  Stapleton  and  Co. 


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4 


EUROPEAN  NEWS 


Financial  Times  -Thursday  August  19  1976 


Turkish  oil 
ship  back 
to  disputed 
Aegean 

Turkey  -was  doe  to  launch  the 
third  phase  of  its  controversial 
research  programme  In  the 
Aegean  Sea  last  night  -when  the 
state  survey  vessel  Sismik  1 Horn 
sailed  from  the  Aegean  port  of 
Izmir  at  midnight,  writes  Metin 
Munir  in  Xsmir. 

This  time  the  vessel  wiH  take 
soundings  in  the  southern  Aegean 
in  a triangle  south  of  the  Greek 
island  of  Chios.  Earlier  She  had 
taken  soundings  in  the  northern 
Aegean.  Her  new  mission  will 
lest  for  about  seven  days  after 
which  she  would  return  to  Izmir, 
officiate  said. 

The  UN  Security  Council  In  New 
York  is  currently  working  on  a 
compromise  formula  to  enable 
Ankara  and  Athens,  allies  in  Nato 
and  associates  of  the  EEC,  to  enter 
into  negotiations  about  the  dis- 
pute. 

Italian  interest  rates 

Short  term  interest  rates  in  Italy 
are  expected  to  remain  “at  very 
high  levels”  as  the  country  tries 
to  stay  within  monetary  guide- 
lines set  by  the  European  Com- 
munity, AP-DJ  reports  from 
Koine.  This  is  the  conclusion  of 
the  research  department  of  the 
Ban ca.  Nazi onale  del  Lavoro,  pub- 
lished yesterday  in  its  latest 
monthly  bulletin. 

Swedish  jobless  fall 

Unemployment  in  Sweden  de- 
creased from  62,000  in  June,  or 
Lo  per  cent  of  the  labour  force, 
to  54.000  or  1.3  per  cent,  in  July, 
the  Swedish  Central  Bureau,  of 
Statistics  reported  yesterday,  AP- 
DJ  reports  from  Stockholm.  A 
decrease  in  the  unemployment 
rate  between  June  and  Judy  is 
normal,  the  Bureau  said,  adding 
that  the  July  figure  is  on  the 
same  level  as  in  the  same  month 
last  year. 

Meinhof  inquiry 

An  international  commission 
arranged  by  the  West  German 
author  Gerhard  Zwerenz  is  to  dis- 
cuss conflicting  evidence  on 
whether  the  urban  guerilla  leader 
Ulrike  Meinhof  was  raped  shortly 
before  she  died  in  jail.  Herr 
Zwerenz  said  yesterday  that  it 
would  meet 'm  Stuttgart  on.  August 
26  and  would  he  made  up  of 
medical  experts,  lawyers  and 
writers  from  Italy,  Britain  and 
West  Germany. 

Juliana  talks 

Queen  Juliana  of  the  Netherlands 
returned  to  Italy  last  night  to 
resume  her  sumtne.-  holiday  after 
talks  with  Prime  Minister  Joop 
den  Uyi  on  a Government  inquiry 
into  allegations  that  Prince  Bern- 
hard  took  bribes  from  the  Lock- 
heed Corporation.  A Government 
spokesman  declined  to  comment 
on  the  matter. 


Strikes  and  protests  over  ! 
Danish  economic  proposals;  over  cost 

1 estimates 


BY  HOARY  BARNES 

AS  THE  Social  Democratic 
minority  Government  to-day 
battled  for  the  support  it  needs 
to  carry  Is  economic  stabilisation 
programme  through  the  Folket- 
ing  (Parliament),  factories  all 
over  the  country  were  brought  to 
a standstill  by  strikers  protesting 
against  the  proposed  measures 
and  about  10,000  Copenhagen 
workers  demonstrated  outside 
the  Parliament. 

During  a first  reading  debate 
on  the  proposals,  which  ended 
early  this  morning,  a clear 
majority  emerged  against  the 
Government's  programme,  which 
it  has  put  together  with  three 
small  centre  parties,  the  Radicals, 
Centre  Democrats  and  Christian 
Peoples'  Party. 

The  Government  spent  to-day 


arguing  in  committee  and  trying 
to  persuade  some  of  the  other 
small  parties  in  the  10-party  Fol- 
keting either  to  support  it  or 
abstain  from  voting  against  the 
measures. 

When  the  crucial  votes  will 
take  place  remains  uncertain.  It 
could  either  be  late  to-day,  to- 
morrow or  Friday.  And  if  the 
Prime  Minister  feels  that  he  has 
no  chance  of  carrying  his  pro* 
gramme  he  could  dissolve  the 
Folketing  and  call  an  election 
without  putting  the  proposals  to 
the  vote. 

The  Government's  programme 
is  designed  to  cut  consumer 
spending  and  imports,  - both  of 
which  have  boomed,  this  year, 
and  thus  reduce  the  enormous 


COPENHAGEN,  August  18; 

current  balance  of  payments 
deficits.  Main  elements  in  the 
programme  include  a series  of 
purchase  tax  increases,  Govern- 
ment spending  cuts  and  a com- 
mitment to  'prevent  wage  and 
other  incomes  rising  by  more 
than  6 per  cent  a year  in  1977 
and  1978. 

The  largest  Opposition  party, 
the  Liberals,  hold  the  key  posi- 
tion. They  have . indicated  to 
dale  that  they  will  vote  the  mea- 
sures down,  but  with  the  threat 
of  a foreign  exchange  crisis  if 
the  Folketing  is  unable  to  act, 
there  ia' still  a . chance  that  the 
Liberals  will  refrain  from  casting 
the  country  into  its  third  election 
in  as  many  years.  : 

Denmark  fakes  stock  Page  6 


Seveso  inquiry  in  Switzerland 


BY  ANTHONY  ROBINSON 

JUDICIAL  moves  aimed  at  estab- 
lishing responsibility  for  the 
toxic  gas  escape  at  the  lcmesa 
chemical  plant  at  Seveso  six 
weeks  ago  have  now  extended 
across  the  border  to  Switzerland, 
home  of  the  Lcmesa  parent  com- 
pany Givaudan  SA- 
Thls  follows  the  decision  of 
the  Investigating  Magistrate,  Sig. 
Rinaldo  Rosinl  of  the  Monza 
Judicial  Tribunal,  to  send  a 
formal  telegram  to  Givaudan 
managing  director,  M.  Guy 
Waldvogel.  informing  him  that 
he  is  under  investigation  and 
may  be  charged  under  Article 
490  of  the  Italian  Penal'  Code, 
which  covers  complicity  in 
causing  a disaster,  and,  for  fail- 
ing to  install  adequate  safety 
precautions  at  the  plant  As  is 
customary  a copy  of  the  telegram 
has  been  sent  to  Interpol  inform- 
ing them  of  this  move. 

Three  of  the  locally  based 
executives  of  lcmesa  have 
already  been  arrested  by  the 
Italian  authorities  under  the 
same  charges  although  they  were 
swiftly  removed  from  prison  to 
take  part  in  supervising  the 
evacuation  of  chemicals  from  the 
contaminated  plant  itself,  a 
lengthy  process  which  has  been 
held  up  due  to  the  breakage  of 
two  flanges  on  tanks  containing 
chemicals  to  he  removed.  The 
three  are  managing  director 
Herwig  Von  Zwenl,  production 
manager  Paolo  Paoletti  and  the 
technical  director  Giovanni 
Radice. 

Meanwhile  the  Lombardy 
region  has  decided  to  put  itself 
forward  as  an  injured  party  In 
a civil  law  suit  aimed  at  claim- 


ing damages  from  Givaudan. 
This  civil  case,  in  which  both 
local  communes  and  individuals 
in  the  affected  zone  are  also 
expected  to  take  part,  will  prob- 
ably proceed  in  tandem  with  the 
criminal  proceedings.. 

At  this  stage  the  regional 
authorities  estimate  the  damage 
caused  to  the  worst  hit  zone,  im- 
mediately downwind  of  the 
lcmesa  plant,  at  arounl  LI2bn. 
(£8m.)  and  around  L40bn.  for 
the  entire  affected  area.  The 
latter  amount  is  equal  to  the 
sum  which  the  Italian  govern- 
ment recently  decided  to  allo- 
cate to  the  regional  authorities. 
The  Government  has  also  made 
clear  its  intention  to  obtain  full 
compensation  from  Givaudan, 
which  is  a subsidiary  of  Hoffman 
La  Roche. 


ROME,  August  IS. 

Meanwhile,  the  Vatican  news- 
paper L'Ohservatore  Romano  has 
again  attacked  the.  performing 
of  abortions  on  women  from  the 
contaminated  area,  haying  that 
pro-abortion  campaigners  were 
faithful  followers  of  Hitler. 

The  newspaper's  article,  head- 
lined “They  cannot  even  cry. 
follows  an  angry  campaign  by 
Roman  Catholic  Church  leaders 
against  the  Government  decision 
to  allow  the  abortions. 

A plan  by  Hoffman  La  Roche 
to  spray  the  contaminated  area 
with  a solution  of  chemicals, 
mixed  with  otive  oil  to  form  an 
emulsion,  is  also  expected  to  go 
ahead.  The  emulsion  would  In- 
tensify the  effect  of  the  sun’s 
ultra  violet  rays  In-  breaking 
down  the  dtokin,  a Roche 
spokesman  said. 


France-Soir  union  fight 


BY  RUPERT  CORNWELL 

THE  GALE  of  opposition  to  the 
purchase  of  a 50  per  cent 
interest  in  the  mass  circulation 
France-Soir  evening  paper  by 
tile  controversial  Press  magnate 
and  Centrist  MP  M.  Robert  Her- 
sant  is  showing  every  sign  of 
increasing. 

Journalists  on  France-Soir 
have  voted  by  a margin  of  105 
to  48  to  continue  “indefinitely-’ 
the  protest  strike  which  has  pre- 
vented publication  for  the  past 
two  days.  They  are  also  seeking 
a meeting  with  President  Giscard 
dTSstaing  to  put  their  case  for 
examining  other  solutions  to  the 
problems  of  their  paper. 


PARIS,  August  18. 

M.  Hers  ant,  who  already  owns 
the  serious  daily  Le  Figaro  and 
a string  of  provincial  publica- 
tions, this  morning  paid  a sur- 
prise call  on  top  aides  of  Prime 
Minister  Jacques  Chirac.  After- 
wards he  angrily  rejected  charges 
that  he  was  undermining  the 
pluralism  of  the  French  Press. 

Hi?  view,  however,  is  not 
shared  by  almost  every  other 
journalist  in  Paris.  Various  Press 
unions  have  issued,  statements 
promising  every  possible  step  to 
block  the  transaction-— including 
those  which  represent  the  edi- 
torial staff  of  other  papers  in  M. 
Hers  ant's  control, 


Bjr  Fajr  Gjester 

OSLO,  August  18 

MOBIL,  operator  on  the  giant 
Anglo-Norwegia n Statfjord 

field,  sent  Norway's  Ministry 
-of  Industry  its  estimate  of  In- 
creased development  costs 
early  in  June,  shortly  before 
plans  for  the  field  were  de- 
bated In  the  Storting  (Parlia- 
ment), a spokesman  for  the 
Ministry  admitted  to-day. 

Through  an  almost  incredible 
civil  service  blunder,  however, 
the  company's  letter  with  the 

new  estimates  was  hot  seen  by 
either  the  Minister  or.  the 
heads  of  the  Ministry’s  Oil 
Division  until  last  night 

Hr.  T.  Tamburstnen,  the 
Ministry's  information  officer, 
said  In  a radio  interview  to- 
day that  it  was  not  yet  clear 
how  fhis  "regrettable  failure 
of  communication  within  the 
Ministry  " had  occurred. 

Industry  Minister,  Bjartmar 
Gjerde  yesterday  announced 
increased  development  costs 
for  Statfjord  based  on  esti- 
mates supplied  in  July  by 
Statoil,  the  state  oil  company. 
Sta  toll’s  new  figure  was 
Kr-30bn. — including  a natural 
gas  liquids  (NGL)  separation 
terminal,  costed  at  KrJJbiL, 
which  was  not  included  in  pre- 
vious plans. 

HobiTs  June  estimate  was 
Kr.24.gbiu,  against  the  six 
months’  earlier  figure  of 
Kr.20.4biL,  but  Mobil  probably 
did  not  Include  the  NGL  termi- 
nal, which  Is  Statoil’s  Idea. 
The  terminal,  which  -would 
separate  natural  gas  liquids 
from  oil  piped  ashore  in  Nor- 
way, will  be  feasible  only  if 
the  pipeline  Is  built,  and  Stort- 
ing approval  will  be  needed 
for  both. 

Meanwhile,  the  Ministry  of 
Industry  has  announced  that 
both  the  second  and  third  pro- 
duction platforms  on  Statfjord 
will — like  the  first— be  delayed 
by  a year.  This  means  that 
B platform  will  be  installed  in 
1980  and  C platform  a year 
later.  Neither  has  yet  been 
ordered. 

• KONGSBERG  Vapenfabrikk, 
Norway’s  state-owned  engineer- 
ing and  munitions  company, 
has  landed  a Kr.I2-15m.  Soviet 
order  for  five  complete  gas  tur- 
bine standby  and  emergency 
generators  intended  for  pump- 
ing stations  along  a gas  pipe- 
line from  the  Urals  to  -Eastern 
Europe.  Main  contractors  for 
the  pipeline  are  the  Italian 
company  Nuovo  Ptgnoue. 
Deliveries  begin  next  May  and 
will  take  about  six  months  to 
complete. 


Six 

Six 

Twelve 

Months 

Months 

Months- 

Ended 

Ended 

Ended 

30.6.1976 

30.6.1975 

31.12.1975 

R’000 

R'OOO 

R'OOO 

71964 

64320 

135442 

~88U 

~ 8614 

16478 

410 

258 

391 

2 301 

2172 

3 721 

1716 

1633 

3159 

— 

— 

87 

5 204 

5067 

9900 

2162 

2220 

3 602 

3042 

2847 

6 298 

10.40c 

9.74c 

21.52c 

— 

5.50c 

5 267 

3530 

4546 

THE  UNION  STEEL  CORPORATION 
(OF  SOUTH  AFRICA  LIMITED) 

(Incorporated  m the  Republic  of  South  Africa) 
Interim  Report  for  the  six  months  ended  38th  June,  1976 
CONSOLIDATED  INCOME  STATEMENT 


Turnover  

Operating  surplus  

Income  from  Investments  ... 

Depreciation  

Interest  on  Borrowings  

Amount  written  off  shares  in 
subsidiary  company 

Profit  before  taxation  

Taxation  

GROUP  PROFIT  .. 

Earnings  per  ordinary  share 
Dividend  per  ordinary  share 
Capital  commitments  

Trading  Results 

The  unaudited  consolidated  profit  after  tax  for  the  six 
months  amounted  to  R3  042  000  compared  with  a profit  of 
R2  847  000  for  the  corresponding  period  of  1975.  This  shows  an 
improvement  in  profit  after  tax  of  R195  000  or  7%. 

X.  Profits  from  steel  products,  castings  and  copper  products 
declined  during  the  first  six  months  of  1976  compared  with 
the  same  period  In  1975.  The  lower  profits  can  be  attributed 
to  lower  despatches  of  the  product  groups. 

The  steel  market  deteriorated  during  the  first  six  months 
of  1976  and  the  deterioration  continues. 

As  the  result  of  prevailing  market  conditions  the  recent 
sted  price  increase  was  not  applied  to  special  steels. 
Customers  tend  to  cut  hack  on  ordering  levels  to  decrease 
stocks  owing  to  the  present  economic  conditions  and  cash 
flow  problems. 

2.  The  latest  projections  of  the  Group's  profit  for  the  year-end 
indicate  that  profit  after  tax  will  be  leu  than  1975. 

Interim  Prefcrent  Dividend 

Notice  is  hereby  given  that  an  interim  preferent  dividend 
of  8 cents  per  R2.00  share  has  been  declared  on  the  cumulative 
participating  preferent  “A”  and  “B”  shares  for  the  six  months 
ended  30th  June  1976,  payable  to  shareholders  registered  In 
the  books  of  the  corporation  at  the  close  of  business  on  the 
3rd  September  1976. 

The  transfer  books  and  registers  of  members  will  be  closed 
from  4th  September  to  17th  September,  1976,  both  days  inclu- 
sive, and  warrants  will  be  posted  from  Johannesburg  and 
London  on  or  about  6th  October  1976.  Registered  shareholders 
paid  from  London  will  receive  the  United  Kingdom  currency 
equivalent  on  29th  September  1876  of  the  Rand  value  Of  their 
dividends,  less  appropriate  taxes. 

Any  change  of  address  or  dividend  instructions  must  be 
received  by  the  transfer  secretaries  on  or  before  3rd  September 
1076. 

Non-resident  shareholder’s  tax  of  15  per  cent  will  be 
deducted  from  dividends  payable  to  shareholders  whose 
addresses  in  the  share  registers  are  outside  the  Republic  of 
South  Africa. 

By  order  of  the  Board 
_D.  C Odcndaal 
Divisional  Manager 

17th  August  1976  Finance  and  Administration 

London  Secretaries;  Registered  Office: 

Anglo  American  Corporation  of  General  Hertzof  Road, 

South  Africa  Limited,  P.O.  Box  48. 

40  Holborn  Viaduct,  Vereenigtng  1930 

London  EC1P  1AJ 
Transfer  Secretaries: 

Consolidated  Share  Registrars  Limited, ' 

62  Marshall  Street, 

Johannesburg  20gi 
(P.O.  Box  61051, 

Marshalltown  2107) 

Charter  Consolidated  limited, 

P.O.  Bos  102, 

Charter  House, 

Park  Street  Ashford. 

Kent  TXM  SEQ 


East  German  clai] 
on  growth  queried 


BY  LESUE  COUTT 


BERLIN,  August  18. 


S Russian 
trade 
forecast 


By  David  Buchan  ( 
WASHINGTON,  August  18. 


A HEADLINE  in  bold  type  on  cent-  increase  in  the  net  Income 
the  front  page  of  today's  East  of  the  population  compared  with 
German  Communist  Party  news-  43  cent  achieved  in  the  GROWTH  in  Soviet  foreign 
paper  Neues  Deutschland  pro-  ____ „ on,,  trade  will  probably  exceed  even 
claims:  “ Brown-coal  miners  P*11.04  laf:.  y***  aQd  a 8oal  the  35  per  cent  forecast  in  the 
achieve  four  day  production  P®r  cent,  this  year.  current  official  Five  Year  Plan- 

lead  over  the  plan."  Such  a The  West  Berlin-based  institute  “P  to  1B80.  according  to  a report 
gain  in  an  important  East  gays  the  GDR's  readiness  to  pro-  Just  produced  by  the  Central 

German  source  of  energy  would  ^ information  on  its  foreign  T * 

mean  a considerable  success  m has  reached  a new  low.  . Lapital  goods  imports  from 

to®  5!r°aL  De“0CTatic  ReP^  5t  s!U  toiT^ontrasts  with  the  S*  _J«d 

lie  s drive  to  achieve  an  overall  soviet  Union  which  since  Mav  of  .“e  a6ency  singles  out 
growth  In  production  this  year  year  has  hewn  ^report  on  ?emtcal  *>d  fertiliser  manufac- 
of  5.3  per  rent  ttetSS  rech  qSarte?  IEmS  tunns  equipment  as  areas  where 

Such  reports  emanating  from  first  time  the  GDR  report  on  the 
the  GDR  cannot  always  be  taken  fulfilment  of  the  1975  plan  con- 

at  face  value,  according  to  the  tains  only  blanket  flouts  for  J3gfmeot  11111,0118  exceeded 
Gennan  Institute  for  Economic  total  trade  with  no  breakdown  Qa  agricultural  side."  the 
Research  in  West  Berlin  which  intfl  exoprts  and  imports.  Thus  “timfSte  St  the  So^ 

SS^ftSaffSTlSS  tt,UGDR  ^Votal^trade  ^.U^oUwhThls  a S 

economy,  it  notes  in  us  latest  western  countries,  including  crop  this  year— will  still  need  to 
“r8  ™to  west  Germany,  was ' im&ft&Een  10m  and 

‘pdr  ^SSnrt^nf  £i  d0Wn  2 ***  ce“t  The  03011,5  tons  of  grain  a year  until  1980. 

WBStern  trading  partners  how-  Towards  the  end  of  the  Five 
eTer«*-v  *at  trade  with  the  GDR  Year  Plan,  the  fact  that  the 
004  snpP®1*®®.  rose  by  5 per  cent,  and  that  Russians  are  playing  host  to  the 


FRENCH  .AEROSPACE  PLANS 


BY  MICHAEL  DONNE,  AEROSPACE  CORRESPONDENT 


FAR  FROM  solving  the  problem-- barely  begun,  for  the  next  hurdle' time,  nd-ft  ’ 

of  what  new  mril  airliner,  to  bufld- is  winning  enough  orders  from  likelythat  Bomng  would 
In  Europe  to  meet  the1  big  the  world’s  airlines  to  make  the  to .PAntawJ™  “ JJw. 

markets  anticipated  throughout- project  a commercial  success.  So  of  Aerospatiale  s impet 
the  world  in  the ‘1980s,  last  week’s' ter, . so  little  economic  and  commitment  to  the  Mercure 
unilateral  decision  hy  the  French  technical  information  has  been  The  result  is  that  B< 

Government  to  press  ahead  with  made  available  that  the  airlines  seems  likely  to.  rodoubl* 

the  Mercure  200.  design  his  are  not  really  In  a position  to  efforts  to  find  a Ehic 
Injected  a new  element  of  oncer-'  commit  themselves.  In  any  event  partner  elsewhere  (in  adi| 
tainty  into  an  already  complex  they  would  Want  to  . assess  that  to  Aeritalia  or  Italy,  wall 
situation-  - Information  against  all  the  com-  already  has),  and  It  maki} 

The  French  elan,  outlined  In  acting  designs— such  as  the  secret  of  the  fact  that  it  v 

Toulouse  by  M.P Marcel  Cavaille.  McDonnell  pou^as  DC-X-200,  the  like  some  kind  of  deal  wifl 
the  Transport  Minister.-  is  -for:  a ■ Boeing  7X7  and  -TOT  and  the  U.K.  - _ 

short-to-mediom  range  derivative : 3^10  derivative  of  the  A-300  McDonnell  Douglas 
of  the  existing  DassaulVBreguet  European  Airbus.  . makes  it  dear  that  it  bas  s 

Mercure  100  airliner,  called-  the. ' So  far,  the  plan  seems  to  have  ^ce?1  ■■ 

Mercure  200,  that  would  be  cap^  aroused  nothing,  but-  hostility.  Pato  in  the  Mereure  2Q& 
able  of  carrying  up  to- about  186  The  UJK.  Aerospace  Organising  stresses  that  any  e« 
passengers. over  ranges  of  more  Committee— ^ the  "body  set  up  to  agreement  w 
than  1,700  miles.  It  would  be  prepare  for  aerospace  hationaii-  depend  on  ne  amcmat 
powered  by  two  of  the  new  sation— while  not  dismissing  the  detailed  SSJJ55S ' 
Franco-UJS.  (Sneana-Gen oral:  Mercure  200  out  of  hand,  never^- design.-  development  ut 
Electric)  CFM-56  engines.'  -.theless  believes  that  It  virtually  ducUon  jtes^  involved,  aa 
The  alrrnft  is  aimed  at  a mar- destroys  hopes  of  achieving  a !SE00  of  - 

ket  toatlTertimated  at  over- European-wide  solution  to  the  M 
1,000  short-to-mediuin  range  jets  - problem  of  what  to  build  for  the  OfficiaHy.  BffcDomieil  Do 
throngfr  tfre  18808,  both  to  rgplrae  Wore.  Vjujpaj.dea  g 

other  aerospace  Industrie* 

McDonnell  Douglas  wool* 

highly  unlikely  either  tb  dr 
substantially  alter  its  own" 
for  the  short-to-medima  i 
DC-X-200  airliner  in  favour 
mere  15  per  cent,  share - 
French-dominated  progranq 
-Apart  from  all  this,  the1 
German- and  Dutch  Industrie 
believed  to  have  made  It' 
that  the  shares  they  are  1 
offered  in  the  Mercure  20i 
" too  small  to  justify  their  ja 
pation.  whilst  they  are' 

• • concerned  about  the  Me* 

' ' 200’s  Impact  upon  the  B-Ifl 
bus,  in  which  they  both 


ageing  existing  equipment  and  under  discussion  in 
to  meet  anticipated  -traffic^ 


growth,  but  which,  by  its  very 
size,  promises  to  be  the  most  CD  far  the  plan 
competitive  market  yet  seen  in-..  , ^ 

ciyil  aviation.  . Seems  tO  IiaVC 

The  proposal  envisages  Adra-  nnfhino- 

spatiale,  the  State-owned  aircraft-'  ^TOUSca  nocmng 
manufacturer,  undertaking  40  per  fmf  Vinqfilitv 
cent  of  the  airframe  work,  with  ~TL  . ’ . . - 

the  privately-owned  Dassault-  The  idea  IS  being 
Breguet  (whose  initial  idea  the  , , Mi|tI 

Mercure  200  was)  undertaking.  5‘  XTeatSu  COOliy 
per  cent  McDonnell  Douglas;,  o-hnilt 

the  XJ£.  aircraft  manufacturer, - UirOUgaO Ul 

who  has  been  talking  about  Western  Europe. 
future  programmes  with  - ■ 

Dassaolt-Breguet  for  some  timer  ■■■  - - ■ ■- — . - — — ■ — — 

Sooner ren^ofthTwoitteaS  months  through  the  “ Group  of  sizeable  stakes, 
ine  aStC|?r.er  rentTfor  other  Seven " (which  includes  the  Finally,  the  background.tr 
StereS  pS^resL^bIy  SrIti?  A Corporation,  Me  ttiure  200 * itself  if; 

the  rert  of P inSodine  Hawker  Siddeley  Aviation,  Mfes-  encouraging.  It  stems  frou 

pT S serschmitt-BoIkow-Blohm,  Dor-  Mercure  100.  of  which  sc 
SS5f^SyTT?ei^^LSf^“S’  rier,  VFW-Fokker,  Adrospatiade  Suv  lO  have  been  sold,  ? 

tadufrics-  ^ and  Dassault-Breguet),  bit  the  inter.  the  FreS  dcune^ 

■ Wlul,e  proposal  cannot  be  French  decision  vitiates  all  those  un-  The  200  derivative  Is 

Sure  ft  comes  JtTtlSe^ : The  UK-  criticism  in  particu-.  elongated  fuselage,  althoqj 
tiered  stiti  a hiS  iJvS  of  ^ iar  “ ^ Mercure  200  does  have  the  benefit  or  the 

certainty  about  futore  civil  air-  SSu®*  SSdtalSS  R**™'**  - 

craft  development  in  Europe,  “uch  “°vassed  m yecenJ  nol°Sy  GFM-56  engines. 

especially  on  an  internktioffi  The  Merctnre  20°  eouI* 

collaborative  basis,  the  Mercure  iALjf  prove -shceesrftiL  The  Rt 

200  plan  might  have  been  B_10,  s6ating  around  2tM  passen-  aerospace  mdustry  is  w 
regarded  as  a welcome  initiative  ger!  w,lh  Bucl1  tiie  sa£e  respected  for  its  engiuei 
toSbreak  the  log-jam  of  SSSSJ  ffuStadta!  fibillyryd  .if  the  Fi 

of  all  kinds  that  have  been  under  Gowaumeni  is  prepared  t 

discussion  for  months  past.  - * FEE*? aliefid  and -Invest  large  sun 

Instead,  it  seems  to  have  npset  ^ the  1-10  but  arOTreXt  **»*■  at  a tint, 

almost  everybody  in  Western  SK?-2ei?Sli.  *5K  severe  cash  shortage  in  v 

Europe,  as  a unDateral  move  SfJket^foJ  tiiS  ventore  is  coSe  aerospace,'  othbh  mairafacti 
which  cuts  sharply  across  all  J^be  eroded  br  the  Merrare  vfl?  ^ be  10  take  notlc 

the  months  of  work  to  tty  to-S^22S,,ft  |J  oSSSiSi  only  from  the  vlewpoiul— 

SS,tha  ?T°nv,Pr0grami?e.  10  wither  th^French  Governmeit  ^vernment'' 

which  all  the  European  indus-  could  sunoort  financially  th*>  - - French  Governments 

tries,  including  the  British,  could  _a-300  h self  the  Mercure  200  and  aer°space  . industry  know 
participate.  Tt  is  even  being  B-10  reraiou  ofSra^hiS-  weD*  h rould  ** 
suggested  In  France  Jhat  S'SiZSTSf  V*  Mercure  .200 

aerospace  unions  there  are  grammes.  ' ' , ward,  not  so  much  because 

unhappy  about  it  although  . it  ^prthennore,  there  are  dxJnbts  believe  that  it  wUl  be  bu 
promises  work  on  both  the  air-  fn  the  U.K.  about  the  Mercure  **»•  *0Tta  flow  proposed, 
frame  and  engine  sides,  on  the  200’s  ability  to  compete  agailnst  because  they  felt  the  nei 
grounds  that  it  might  lead  to  such  major  rivals  as  Boeing,  with  stir  up  a situation  that  app. 
U.S.  dominance  of  French  civil  its  plans  for  the  7X7  family  of  t0  setting  bogged  dow 
aerospace  affairs;  jets  (including  a medium-range  talk,  with  no  decisions  immi 

In  assessing  the  impact  of  the  model)  and  the  7N7  version  of  **  “i  bave  undouh 
Mercure  200  proposal,,  the  point  the  -short-haul  737.  - It  is  even  succeeded.  The  flurry  of  act 
to  be  borne  in  mind  Is  that  so  being  argued  that  the  Mercure  I33  toe  past  week  shows  just 
far  It  is  only  that— a plan  that  200  could  be  faced  with  an  concerned  the  otter  Indus 
has  still  to  be  refined  in  detail,  improved  version  of  the  existing  in  Europe  and  the  US.  are  i 
Discussions  between  the  pro-  Boeing  727  three-engined  > air-  the  situation.  Whatever 
posed  participants  on  their  liner.  ‘ outcome  of  the  Mercure  200 

industrial  and  financial  contribu-  At  one  time,  Bdeing  was  hold-  itself,  there  seems  tittle  i 

tions  could  take  several  mouths,  ing  talks  with  Aerospatiale,  with  that  the  French  announce 
and  it  is  not  expected  that  any  a view  to  collaboration  on  new  has  stimulated  a new  sui| 
firm  commitment  can  be  signed  medium-range  jet  ventures  far-  International  discussions 
until  much  later  this  year.  the  future.  These  have  been  will  continue  for  some  tin: 

Even  then,  the  venture  will  be  virtually  in  abeyance  for  some  come. 


by  statistical  data. 


The  Institute  savs  nearly  one  ““P0*?  a?d  exports  went  up  by  1980  Olympics  will  give  Imports 
half  of  the  reoortert  Screen?  P equivalent  amount-  Thus  the  a further  boost.  The  report  ex- 
5JTar^  tostrtute  estimates  that  the  total  pects  them  to  import  about  SI  bn. 
GDR  deficit  to  ^de  with  the  of  hotel  and  otheV supplies. 
SjnjSSS  west  tost  rose  to  well  over  The  wide-ranging  CIA  report 

SSSSSd1rtStta“lme“^I>3I700m-  yafiSt  ay  S^=t 

last  year.  Thus  actual  growth  The  GDR  had  a deficit  of  ^ ^ ^5 

was  nearer  to  2.5  per  cent  Sind-  DMlbn.  in  trade  with  Comecon,  Q^bii5iiari<u^ 

larly  industrial  production  Is  ^ariy  all  of  it  with  the  Soviet  Jggi 

said  to  have  risen  by  6 per  cent  Union.  Although  GDR  figures  SJinfrtn  ^ "StSSSS 
according  to  GDR  statistics  but  do  not  show  this  the  Institute  SfvSSnent  01S uetivKTtS 
after  excluding  the  three  work-  says  Soviet  trade  statistics  reveal  SSSSr’ 

ing  days  this  year  it  comes  closer  that  deliveries  to  the  GDR-  whneTtS  economy'  will  cer- 
to  a 3.5  .per  cent  increase,  the  dropped  while  imports  tairfy  weattlr  tt“uSt  fire  yeSJ 
German  institute  says.  sharply-  As  the  Soviet  Union  the  study  claims  that  the  Soviet 

The  planned  slow-down  in  the  accounts  for  35  per  cent,  of  GDR  leadership  will  eventually  have 
growth  °f  East  German  living  teade,  the  Berlin  Institute  says  to  take  the  political  risks  in- . 
standards  k reflected  In  the  teteBt  East  German  exports  expanded  berent  in  making  the  economic  * 
GDR  statistics  showing  & 3 per  faster  than  imports.  system  more  flexible.  If  they  are 

to  improve  the  quality  and 
availability  of  consumer  pro- 
ducts. 


Spanish  tourist  industry  is  hit 


BY  OUR  OWN  CORRESPONDENT 


HOTEL  OWNERS  from  the 
Belearic  Islands,  one  of  Spain’s 
most  important  tourist  regions, 
will  fly  to  Madrid  en  masse  early 
□ext.  month  to  put  a lengthy  list 
of  grievances  before  the  Govern- 
ment. The  seriousness  of  the 
situation  was  highlighted  last 
week  when  the  Spanish  Prime 
Minister,  Sr.  Adolfo  Suarez,  held 
talks  with  the  president  of  the 
National  Hotel  Syndicate. 

The  July-August-  . . “high 
seasofi  7 looks  very  .disappoint- 
ing indeed  for  the  tourist 
Industry,  formerly  a key 
economic  growth,  sector:  the 
number  of  tourists  arriving  in 
July  dropped  to  5.5m.  from  the 
6m.  in  the  month  test  year, 
according  to  provfsiozidl  figures 
released  by  the  Ministry  of 
Information  and  Tourism. 
Tourism  this  year.  is.  now 
expected  to  fall  sear. its  low 
performance  last  year,  when  the 
country  attracted  about  30m. 


tourists.  Spain  had  hoped  that 
it  would  receive  about  _ 45m. 
tourists  ;this  year,  basing  its 
projections  on  the  phenomenal 
growth  patterns  of  the  1960s. 

Equally  disappointing  has  been 
response,  to  the  -serimd  round  of 
economic  reactivation  measures 
announced  by  the  Suarez;  Gov- 
ernment.- The  measures,  - which 
became  law  on.  Friday- upon 
publication  -,  in  the  , -official 
Gazette,,  included  :what  were  put 
forward: -.  as  . “ attractive . incen- 
tives ” for  . investment  in  the 
depressed  equity  market 

A mild  initial  rally,  during 
whleh  the  Madrid  market  index 
rose . by  2.41  points,  followed 
announcement  of  the  measures, 
but  ' Spain's  - three  stock 
exchanges  have  now  returned  to 
the  doldrums. 

And  tiMlaj-.  share  .prices  in 
Madrid  - fell'  by  more  than  a 
poidt  -in creasing  Investor  pessi- 
mism - about  the  - Government's 


MADRID,  August  1 

measures.  Market  obsai 
said  that  the  country's  ec»a 
problems  were  expected  t>] 
tinuato  plague  the  Govern! 
later  this  year,  when  it  -ft 
to  inti-oduce  political  red 
to  prepare  for  elections  ; 
year.  • 

Meanwhile,  a spirited  a 
drive  appears  to  be  next  or 
economic  agenda  following  .1 
that  Spain  had  succeeded 
cutting -.its  seven-month-  t 
deficit, .albeit  slightly.  Spj 
expbrts  paid  for  49  per  cen 
Spanish  - imports  during 
period  compared  to  46  per.  * 
during  the  period  last  year. 

; The  .Ministry  of  Commerce 
indicated,  however,  that  it 
be. “virtually  impossible"  to 
imports  further,  with  full] 
per  cent  classed  as  n indisp 
able,"  and  that  Spain's  only  1 
of  easing  its  trade  deficit  lie 
Increasing  expbrts. 


Berlin  transit  row 


BY  NICHOLAS  COLCHESTER 

LITTLE  more  than  deadlock  was 
achieved  in  to-day’s  meeting  in 
East  Berlin  of  the  Transit  Com- 
mission that  tries  to.  resolve 
arguments  over  the  transit  routes 
that  link  West  Berlin  to  J'ae  Test 
of  Europe. 

The  East  and  West  German 
members  bad  come  together  to 
discuss  East  Germany's  action 
last  Saturday  in  preventing  U 
out  of  IS  busloads  of  young  West 
Germans  from  attending  a 
demonstration  against  the  Berlin 
Wall. 

West  Germany  had  asked  East 
Germany  for  its  reasons  for  stop- 
ping each  and  every  bus.  It  did 
not  get  them.  The  East  Germans 
merely  cited  what  they  con- 
sidered to  be  sufficient  evidence - 
that  "misuse  of  the  transit 
routes  " bad  been  intended.  They 
produced  posters  and  brochures, 
and  added  that  the  pre-demo n- 
stration  publicity . had  provided 
further  grounds  for  suspicion. 

The  West  German  delegation 
said  it  would  reserve  judgment 
on  this  counterargument  and  go 
over  the  matter  with  the  three 
allied  powers  — Great  Britain. 
France  and  the  UB.— Which  con- 
trol the  Western  sector  of  Berlin. 


BONN  August  18. 

These  allies  have  already  con- 
demned the  East  German  action, 
but  they  have  not  yet  raised  the 
'matter  with  Moscow. 

The  official  German  statement 
on  the  outcome  of  to-day’s  meet- 
ing seems  certain  not  tq  silence 
• criticism  of  the  conrefvatjve 
Opposition,  which  has  accused  the 
government  of  Helmut  Schmidt 
of  being  too  soft  in  its  dealings 
with  the  German  Democratic 
Republic.  - !' 

The  best  that  can  be  said  Of  it 
Is  that  it  contains  no  signs  that 
a storm  - in  East*  Germaci-West 
German  relations  must  now  be 
endured.  j.-  • 

• VPf  reports  from  Berlin: 
Police  raided  the  homes  of 
suspected  urban  guerilla 
supporters  In  West  Berlin:  and 
is  Lower  Saxony  and  seized 
documents  and  electronic!  parts, 
a police  spokesman  said  today. 

The  action  by  92  policemen 
took,  place  yesterday)’  - They 
raided  nine  flats  in  Wesjt  Berlin 
and  a farm  house  In'  Lower 
Saxony,  previously  rented  by  a 
29-yearold  man  thoughtito  have 
been  involved  in  a bomb,  attack 
on  a Berlin  court  in  197L  He 
later  , died  to  a . traffic  aftfidenti 
police  said. 


Unions  may 
boycott  grain 
shipments 

By  Our  Own  Correspondent 

WASHINGTON,  August  18. 

A SPOKESMAN  for  the 
American  Maritime  unions  said 
to-day  that  a boycott  of  UB. 
.grain  shipments  to  the  Soviet 
Union — which  the  unions'  say  is 
not  allowing  American  ships  -to 
carry  their  fair  share— is  not 
being  -ruled  out. 

But  be  said  that  the  union 
picketing  of  federal  buildings  in 
12  U.S.  ports  that  took  place 
on  Tuesday  would  not  be  re- 
peated until  the  Russian  reaction 
to  yesterday’s  State  Department 
protest  has  been  assessed.  The 
State  Department  said  that  it 
had  complained  to  Moscow  two 
weeks  ago  . 

* A UJS. -Russian  agreement  pro- 
vides that  at  least  onerthinJ  of 
all  trade  between  the  two 
countries'  is  .'carried  4n  'American 
“ bottoms.”'  ■ 


THE  FjxlKcm  Time*.  PHMUIgd  OOv  cscepi 
Swnsfes*  tod  hotidnn.  ' U.S.  astesrfcaom 
sm.oo  iafr  aula),  suu.m  uu  min  w 
■am.  Second  dm  pnoaBr  pant  or  ww 
York.  S.T. 


All 

lied  Re 

ZP  c 

ALLIED 

ARPETS 

Pdnafrdm  At  staxemem  by  titeCfatmwi,  At KH.  PJatnekifar  skeyegr  aided  3rd  April,  1976. 

sfc  Profits  increased  hy  78  %. 

# Turnover  increascsd  by  72%i . - : 

^ l^videndisthe  maifisna^  ’ ■ 

# Although  the  economic  climate  for  consumer  spending  is 

ash — - aain  confident 

of  the  Group. 


Tomtivcr 
.Profit  before  Tax . 

.Tax..  . 

Earnings  per  share  - 
Dividends  per  share 


... £il  y-jrV.'-.. ; . . ism  • ...  1975 

' v£:  'tt**  ' " T S3  weel»  -v. ' ' 52  'weeks' 

. -j  £40^80494  ’ .^25,211,529 

. £3  W.':;  £1^60^16 

c V-:  :-V  - . •' . £1,002,182 

;-'  l0,98p 

4J8262fy  4.4l7p 


fT„  . 

3BrH» 


f ; 


as-: 


i Yen  makes  Angola  venture  defended 

Isharft  gam  1 *, 

aga»Bst  by  Cubans  at  Colombo 


.i  K'\ 


the  dollar 


Charles  Smith 

; - ; ; TOKYO,  August -IS.' 


BY  ROBERT  GRAHAM 


COlAJMBO,  August  IS. 


■re  . TOKYO,  Aug^  IS.-  - f CUBA'S  Vice-Premier' Carlos  as  the  Government  of  Agostinho  of  the  conference  the  Singapore 

IE  YEN  made,  another  -Rafael  Rodriguez  to-day.jhajled  Neto  considers  necessary  to  give  Prime  Minister  refused  lo  turn 

- Vv5  • against  the  dollar  <>ir-jure|-frfc  . country's  involvement  in  the  popular  armed  forces  a solid  up  and  even  delegated  his  repre- 

L f.,'kyo  foreign  An gpla-' -as  - .the  first  , example  organisation,  to  liberate  Angola  sentauve  to  distribute  his  pre- 

* :=v-day.  ■ closing  at  -.tVt5S?T-,'P£.’\'  ■ “ international  ..-military  and  .to  assist  in  any  new  attempt  pared  speech  in  the  form  of  a 

- - •••-.!  yghest  rate  since  Marco  -1  solidarity " ' carried- _ -oat  by  lo  invade  Angola."  statement  to  the  conference. 

'■’..-••i.'jA  further  mterestog.--<reve.iop:  LTeyQiU{i^naiy.  states'  far-* .distant  Turning  to.  economic  issues  in  Mr.  Lee  went  straight  to  the 

..J  w'as 'that  TeMgres /OUOta-yfpQj^  eacj,  other.  Speaking  at  which  the  Cubans  have  been  ex-  point.  "The  question  I asked 

" ,.;j.n£  fcn‘  tne  yeh  normal  igned  summit' here  in  tremely  aclive  here  in  proposing  myself  as  I read  through  the 

■■  a Premtu^overtne-  "P?1  the  name  of  absent  Cuban tcadc r a special  draft  of  their  own  to  draft  resolutions  submitted  lo 

? wiing,' toat^nas  - not  ^ .Fidel  Castro,  be:g2w  the  the.  economic  declaration  of  this  conference  was.  Who  am  I 

- " " ' ••VtSIL  nrliifnhSi7  fullest  justification  yet  of' Cuba's  the  conference.  Dr.  Rodriguez  uniting  with  and  for  what  objcc- 

' military  assistance  to  attacked  the  unwillingness  of  tives  and  .purposes  and  against 

r-'  ' ■■.-yMbsjigQ-  ' Jtus ^ appeamj. to j Angola  and  the  MPLA-i'  the  “capitalist  countries"  to  whom?"  He  than  went  dd  to 


" i»*  been. -due.  to  a heavy  in-  . 

...  - of  short-term  funds.  • - .! 


He.'  said  that  international 


^ ^switiioHd^wara  - ffiSentSi  UNCTAD.  IV  in  Nairobi  He  cnee's  accepted>umptions. 

; " . 'iars  on.,  the  Tokv’o - market ! duty  of  the  pon-jtfigned- nations.  rte nr  He  made  a thinly  veiled  attack ; 

- - ^WSatn-  S250m  • more.-  'tban'As.  part  of  this  duty ’“several  *?r  infiU®ciei].t  commitment  to  on  the  militant  positions  of  such; 

:m1be^?™r”rSe1;S,ufouSSd  Cubans  ffior Angola  ^“uutries  like  Cuba  in  demand- ; 

• - ^j-awut.aye  mona&s.  borne- in  naye  inis  privilege.  - developing  countnes  in  attempt-  believed  these  countries  were' 

- -•  '’V' W ’hrthfBwfc  hnf e £ ' D T^0111  Soviet- asaslaace.  Dr  inR  to  achieve  a new  economic  with  the  rest  of  the  non-aligned : 

* ; tbe.  Bank  of  Japan  ;Eodnguez  claimed  that  it  would  order.  ,n  Oieir  struggle  against  the  Wesi : 

at  rate  of  Y^  tothe.-haye  been  difficult: to  .fight  the  This  speech  emphasised  one  ;or  a more*  equitable  arrange- - 

• : 31'  -™^®ailKsi  .l!Bt  combined  opposition,  forces  in  extreme  of  the  spectrum  of  views  mpnr  and  just  sharing  of  the 

~ nf.'  dtoa-UL  me... market  was  Angola -assisted -by  U.S-  rmperia-  being  put  forward  here  in  the  world’s  wealth.  "But  I believe 

: ft-  WF  jW****!*®  iism  and  its  satellites  like  South  formal  speeches  of  the  re  presen-  they  are  not  depending  on  the; 

r - stives  of  the  85  non-aligned  IMF,  or  the  World  Bank,  or  in 

. ties  of  solidarity  would  countries.  commodity  stockpile  financing  or' 

■ - , | remain,  he  said.  " As  tb&gradual  At  the  Dther  end  of  the  spec-  transfers  nf  technology  through 

- withdrawal  of  Cuban  troops  in  Iruin  was  the  attitude  expressed  MNC's  for  their  salvation.”  That- 

. . begins,  Cuba  reiterates  tn-day  by  Singapore's  leader.  Mr.  is.  these  countries  arc  being 

whereby  Cubans  Lee  Kuan  Yew.  As  a sign  of  just  militant  about  changing  a system 
'■*•.:  jeJiTg^e  ttum ^Monday’s  and lWil-  Teznaitt  in  numbers  so  long  how  warily  he  treated  the  aims  upon  which  they  do  not  depend,  j 

. ""'.  bank  is  'unlikely  4oL  want  to ' ' ■ /. 

. ,-te.  back-  into  the  market  - so  j ■ 7 — = — : 

* -v..vily.in  the  .next*,  few  days,  j 

' ilanlc  of  .Japan  dollar  buying  ? T T • j*p  1 • • t rr  f*  1 j 

U.S.  ofiicers  die  in  Korea  fight 

”:  si  of  the  foreign  exchange!  '"*/.'  •— 7 

— • '.ervesj These  ^tood  at  SI53bn.  j ? ' 

■ .-i the  end  .of  July..  - . SEOUL,  August  IS. 

: .JThe  movement  favouring  de-j  ABOUT  30  axe-wielding  North  Koreas.  the  Command  said.  Korean  guard  leaders  ordered  the 
'..  - .opmerit  of  the  fast  breeder , Korean  army  guards '.hiiled  two  The  identities  of  the  two  vie-  others  “to  kill"  the  UN  Com- 

not  immediite,s' dis- 

: .1 . p»»- -JSSJI^.  S3  S 


-•  ‘-rner  vrature  -AP.D.T  rwMH-ts-  — - guarus  wno  auacKeu  a Milan 

■ . -tS5 fi™?invnlvJd  are^ Mitiu- said- • " • - ^ Joint  Anmstice  Commission  United  Nations  Command  work 

- hi  Heavv  rddustries.  Tokvo:-'  The.: -North  Eorean;  .guards  meenngs  (between  the  two  party  with  axes,  metal  pipes  and 
-r  Tbaura  • 'Electric  (Toshiba!  Attacked'  a - small  wort- /party  Koreas).  axe  handles.”  said  the  spokesman. 

' ac'ni-  and  Fuji  Electric  ’*  'trimming*  trees  in  the  demili-  The  spokesman  wia  the  attack  Lieut.-Col.  Michael  Mt-Ranej. 
?>urces  said  to^ay'  that  ,:tarised.  «me  between  ti?e  two  occurred  after  one  nf  the  North  The  UN  command  said  four 
. /ikawajima-Harima  Heavy.- In- . - other  U.S.  soldiers  and  five  South 


: Jtries  and. Mitsubishi  Electric 
-;y.  join  the  group-  The  sources ' 
-J  .that  while  discussions  have 
't  begun, ; establishment  of  ai 
•'-  it  breeder  reactor  manufactur*. 
-- : venture  might  be  possible  by) 
' :r  end  of.  the  year.  | 


NZ  moves  over  strikes 

• WELLINGTON.  August  18. 

THE  GOVERNMENT'  "passed  overtime  bans,  go-slow  and  po.li- 


othcr  U.S.  soldiers  and  five  South 
Korean  soldiers  were  treated  for 
minor  cuts  and  bruises.  He  said 
one  South  Korean  soldier 
assigned  to  the  U.S.  army  support 
group  was  hospitalised  for  stab 
wounds. 

In  Washington.  Lt.-Col. 


-T iast  week  a study  l'an®^  ; special  legisiations'  to-.dny . to  tical  demonstrations.  The  legis-  M_p_n_v  a meetiiip  of  the 

*,  ^aoahs^oif^lhm  «f 'j  'poonitera  resh_of;Strike^iy. trade  ^nfTeSnoT5riWn^  Sorter"*  aSSSuS: 

b"eJtr  r,M*,r  b,-i  jSS? 'mVSSL ■ ■ 'JSSJ*  ”ot  ,vaillble  “ ™id'"L  ' 

■ ■■■— — — 1 — — — ■ ■ - ..  . . 0 ...  I.  _ r. I T t .r«l  MnDinai-  cairt  lha  3IW3 


r:.  ON  OTHER  PAGES 
~en^ational  Company  News: 


The  Government  placated  the  Labour  Minister  Peter  Gordon  Lt^Col.  McRanej  said  the  area 
1 unions  bv  imposing  a price  .and  in  introducing  the  legislations  of  the  incident  was  neutral 
i rent- frerae- which  wiH  last  :until  said  New  Zealand  is  facing  a territory  within  the  DMZ  where 
i the  end  of  the  year- Exemptions  grave  industrial  situation  with  free  access  and  movement  are 


-ommerzbank  rights  ..  . .•  f t0. the  price  freeae  are  fish  urea  1 the  strikes  threatening  produc-  guaranteed  by  the  armistice 

ernun  bond  market  . ' ' ■ •*;  ahd'-livesttjck.- ” 1 ' *'tion  and  viability  of  key  sectors  agreement.  He  said  the  North 

r^ci jo  TT|  Tbg  Govemroept  also  .pasifed  .of  the  economy,  particularly  in  Koreans  also  damaged  vJNc. 

_ -mioa  and  Raw  Material*:  i other  legislation,  widearing  the  transport,  engineering,  pulp  and  vehicles  during  the  melee. 

WistraUan  wheat  fears  ...'21  i definition  of  .Strikes  .to.  ioctade  paper  industries.  UPI 


1978  date 
set  for 
independent 
Namibia 

WINDHOEK.  August  IS. 
THE  WINDHOEK  constitutional 
1 conference  to-day  set  December 
31.  197S.  as  a target  date  for 
Namibian  (Smith-West  African  1 
independence,  a conference  state- 
ment said. 

The  territory  will  he  governed 
by  an  interim  multiracial  Govern- 
ment until  11  bcccmes  fully  self- 
governing  after  a constitution  has 
been  finalised,  it  said. 

Delegations  front  the  region's 
1 11  major  tribes,  the  whites  and 
the  coloured  people  have  been 
meeting  for  nearly  a year  to 
devise  a constitution  for  Namibia. 

The  statement  said  the  coo- 
i fbrence's  constitutional  commit- 
■tee  "has  acrced  that  December 
31,  1978.  can  be  set  with  reason- 
! able  safety  as  independence  date 
i for  South-West  Africa." 

It.  said  an  interim  government 
: would  be  established  “ as  soon 
as  we  have  agreed  on  a constitu- 
. tional  basis  and  as  soon  as  we 
have  concluded  negotiations  with 
;■  South  Afriw 

••The  interim  government  will 
1 handle  the  transfer  nf  govern- 
ment functions  and  establish  a 
■ permanent  State  according  to  a 
constitution  which  will  he 
evolved  in  the  interim  period.'' 
j the  statement  said. 

1 The  Untied  Nations  has  sel 
August  31  as  a deadline  for  the 
Republic  to  withdraw  its  troops 
from  Namibia  and  to  hold  free 
elections 

Conference  sources  said  the 
- announcement  of  a target  date 
for  independence  and  a multi- 
racial interim  government  might 
help  ease  pressure  on  Pretoria 
in  grant  immediate  independence. 
UPI- 

Doctor  charged 
in  Rhodesia 

SALISBURY.  August  IS. 
AN  ITALIAN  woman  doctor 
faces  a possible,  death  sentence 
for  having  treated  a wounded 
black  guerilla  at  a Rhodesian 
war  zone  mission  hospital,  police 
confirmed  to-day. 

A police  spokesman  said  Dr. 
Louisa  f.uidotri  had  been 
charged  under  the  law-and- 
, order  maintenance  act  with 
1 “assisting,  or  Tailing  to  report 
the  presnee  of.  a terrorist. ' 

She  is  the  first  white  to  be 
i charged  under  the  Act  and  if 
, found  guilty  Faces  a maximum 
! penalty  nr  death  or  life  imprison- 
ment. Legal  sources  said,  how- 
ever. if  was  unlikely  she  would 
I be  given  the  maximum  sentence. 
, Dr.  Guidotti  has  worked  since 
: 1966  at  the  All  Souls  Mission 
‘Hospital,  near  Mtoko.  a farming 
' centre  in  the  military  operations 
1 area'  about  90  miles  north-east 
I of  Salisbury. 

I UPI 


Palestinians  start  guerilla 
action  against  Syrians 


BY  IHSAN  HljAZt 

PALESTINIAN  forces  in 
Lebanon  are  launching  guerilla 
attacks  on  the  Syrian  army. 
There  is  a deepening  realisation 
in  Beirut  that  the  Syrian 
presence  may  be  a serious  im- 
pediment to  peace  in  the 
country's  civil  war. 

According  lo  the  independent 
daily  A1  Nahar.  many  roads  in 
the  Bekaa  valley  have  become 
impassable  since  guerillas  have 
planted  mines  there  and  have 
ambushed  Syrian  forces.  Two 
people  were  killed  by  mines  near 
Shtoura  on  Sunday  and  seven 
others  were  wounded  when  their 
bus  was  blown  up  by  a mine  in 
the  same  area. 

Yesterday  several  Syrian 
soldiers  were  injured  when  they 
were  ambushed  by  gunmen  near 
the  town  of  BednayeL  not  far 
from  the  Lebanese  airforce  base 
of  Rayak.  According  to  A1  Nahar, 
the  Syrian  army  responded  with 
artillery  attacks  on  the  villages 
in  which  the  guerillas  were 
thought  Lo  be  hiding. 

In  the  south  of  Lebanon  female 
guerillas  are  reported  lo  have 
been  luring  Syrian  soldiers  into 
Palestinian  ambushes  and  traps. 

Meanwhile  the  light  Syrian 
restrictions  on  travel  between 
Lebanon  and  Syria  are  playing 
havoc  with  the  travel  plans  of 
many  Lebanese.  Visa  applica- 
tions have  to  be  made  at  least 


4S  hours  in  advance,  and 
Lebanese  already  in  Syria  need 
permits  if  they  want  to  return 
home. 

According  to  reliable  sources. 
Syrian  authorities  are  screening 
the  600.000  Lebanese  living  in 
Syria,  following  a reported 
series  of  explosions  in  Damascus. 
The  Syrians  are  reported  to 
believe  that  large  numbers  of 
saboteurs  bave  entered  tite 
country  lo  engage  in  subversive 
activity  against  the  regime. 

The  heavy  Lebanese  presence 
in  Syria  has  raised  food  prices 
both  in  the  country  and  in  the 
Syrian  - controlled  areas  . d£ 
Lebanon.  Bread  and  petrol 
prices  have  douhled  in  the  Bekaa 
valley  in  the  past  few  days.  The 
daily  A1  Anwar,  which  sympa- 
thises with  the  Syrians,  has 
hinted  editorially  that  the 
Lebanese  “sickness.” may  be  con- 
taminating Syria  rather  than 
Syrian  “ health  ” cleansing 
Lebanon. 

Observers  believe  that  the 
Palestinian  and  Left-wing  moves 
are  aimed  at  drawing  the  Syrian 
forces  directly  into  the  fighting 
and  escalating  if  so  as  in  create 
a case  for  more  effective  Arab 
intervention. 

Tire  Left  and  PaJestinians 
blame  the  Syrian  presence  for 
the  gains  thru  the  Kiphi-wing 
Christians  have  made,  including 


BEIRUT.  August  IS. 

the  fall  of  the  Tel  at  Zaatar 
Palestinian  camp. 

The  Palestinians  are  deter- 
mined to  fight  on.  and  have 
launched  attacks  an  Right-wing, 
positions  in  Beirut.  Last  night 
was  one  of  the  most  violent  that  * 
the  Lebanese  capital  has  wit- 
nessed in  months  with  shells  and 
rockets  being  exchanged  at  the 
rate  of  more  than  one  a minute. 
At  least  16  people  were  killed 
as  projectiles  fell  indiscrimin- 
ately in  residential  areas. 

Tbe  Palestinians  have  so  far 
refused  10  negotiate,  as  they  do 
not  wish  to  do  so  from  a position 
of  weakness. 

Libya  has  moved  to  revive  its 
mediation  between  Damascus 
and  the  Palestinians,  with 
reports  of  the  Libyan  leader 
Col.  Muammar  Khedaffi  meeting 
President  Assad  nf  Syria  in 
Colombo.  President  Anwar 
Sadat  of  Egypt  was  having  talks 
to-day  with  Ki-ng  Khalid  «r 
Saudi  Arabia. 

L.  Daniel  writes  from  Tel  Aviv: 
Israel  has  opened  a special 
customs  |H)S<  at  Dnvcv  on  the 
border  with  southern  Lebanon  to 
cope  with  the  heavy  volume  of 
trade  passing  across  the  border. 
Under  the  “good  fences  " policy. 
Lebanese  who  have  long  been 
separated  frnm  their  relations 
have  hpen  reunited  at  a clinic  set 
up  by  the  Israeli  army. 


Aramco  takeover  details  ‘settled5 


.TECHNICAL  DETAILS  of  an 
agreement  for  a 100  per  cent. 
; takeover  of  Axabian-Anieriran 
Oil  by  Saudi  Arabia  were 
: worked  out  at  secret  week-long 
I talks  which  ended  on  August  11. 
1 the  Middle  East  Economic 
Survey  reported  to-day. 

The  newsweekly,  which  reports 
authoritatively  on  oil  affairs, 
said  a further  meeting  between 
. Saudi  and  Aramco  officials  has 
' been  scheduled  for  early 
September. 

; Sheik  Ahmed  Zaki  Yamani. 
-the  Saudi  Oil  Minister,  led  the 
'Saudi  delegation  at  the  meeting 
■with  representatives  of  the  four 
.American  owners  of  Aramco: 
Standard  of  California,  Texaco, 
Exxon  and  Mobil. 

" Although  there  has  been  a 
blanket  of  total  secrecy  over  the 
: results  of  the  talks,  there  was 
!a  general  atmosphere  of  satisfac- 
■ tion  in  the  air  as  the  negotiators 
emerged  farm  discussions," 
jMEES  wrote. 

Aramco  is  the  world's  largest 
oil-producing  company,  pumping 
crude  at  the  rate  of  more  than 
,8m.  barrels  a day.  operating  one 
of  the  world’s  largest  refineries. 


and  possessing  the  world's 
largest  nil  reserves.  17fibn. 
barrels,  twice  that  of  the  Soviet 
Union. 

In  1973.  Saudi  Arabia  acquired 
a 23  per  cent.  Takeover  nf  the 
company  and  the  next  year 
increased  the  holding  tn  60  per 
cent.  Full  takeover  was 
announced  in  December.  1974. 


BEIRUT.  August  18. 
but  negotiations  <»n  the  term* 
have  dragged. 

Sheik  Yamani  and  Aramco 
chairman  Frank  lungers  said 
earlier  this  year  that  the 
effective  dale  nf  the  full  lake- 
nver  would  be  -lanuary.  1976. 
regardless  of  when  the  final 
agreement  was  w-orked  otrt. 
AP-DJ 


Oil  money  boost  to  Egypt 


SENIOR  FINANCIAL  experts 
from  Egypt  and  four  Gulf  oil 
states  met  in  Cairo  to-day  to  sign 
an  agreement  setting  up  a 82bn. 
fund  for  bolstering  Egypt's  ailing 
economy. 

The  conference  grouped  the 
Finance  Ministers  of  Egypt. 
Kuwait.  the  United  Arab 
Emirates  and  under-secretaries 
from  Saudi  Arabia  and  Qatar. 

An  agreement  to  set  up  the 
fund  was  reached  early  this  year 
between  President  Anwar  Sadat 
and  the  heads  of  state  of  the  four 
Gulf  states. 


CAIRO.  August  18- 

The  Finance  Ministers  of  the 
five  nations  initialled  the  agree- 
ment in  Cairo  on  -July  18  and  the 
signing  ceremony  is  due  to  take 
place  at  the  end  of  tbe  current 
conference 

The  fund  fell  short  of  Egypt's 
demands.  In  a speech  last  month. 
President  Anwar  Sadat  estim- 
ated Egypt's  financial  needs  at 
between  SlObn.  and  S12bn.  ovpr 
the  next  five  years.  There  has 
been  no  indication  the  oil-rich 
Arabs  planned  to  respond  to 
President  Sadat's  caH  for  raising 
the  fund’s  capital. 

UPT 


-IDs. 


Compare  a DC-10  to. even  the  newest 
- -engine  wide-boHy  The  DC-10  s landing  fees 
' re  lower.  The  DC-lOs  fuel  consumption  and  fuel 
~”ipsts  are  lower.  And  the  DC-10  doesn't  have  to  be 
] tiodifiedfor 'special  purposes.*  It  was  originally 


designed  for  short,medium,and  long-range  routes. 

It  is  large  enough  for  peak  season  traffic  yet 
profitable  with  off  season  loads. 

Travel-wise?  Passengers  will  appreciate  the 
comfort  and  luxury  of  the  DC-10  s quiet  interior 
and  soft, wide  seats. 


Just  another  wide-body?  Not  to  34  of  the 
world  s leading  airlines  that  have  chosen  it. 

The  DC-IO  rV 

AfCDOMWELC  POWOLAS>4 


-w  -yjr. 


SvJ-¥V  • • 
?£*&*«■  • '•  >> 

r :,;Wg$&yT 

'’W&M 

■- 


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The  .Financial  Times- 


AMERICAN  NEWS 


Republican  split  over  the 
Vice-Presidential  choice 


8Y  DAVID  BELL 


. KANSAS  CITY,  August  18. 


Olympic 
defector 
opts  to 
go  home 


T WOK  El)  TR  ADE  NEWS  J 


W.  German 
‘will  not  rise 


year 


BY  NICHOLAS  COLCHESTER 


BONN,  August  18. 


PRESIDENT  FORD  last  night  now  appears  to  be  assured  of  New  Jersey  and  neatly  straddles  0 ' WEST  GERMANY'S  exports,  now  On  the  other  hand,  the  fan  of  dustry  Association.  car  ud  , x^IXruflf 

won  an  extra  day  in  which  to  the  nomination..  ■ at  least  one  of  the  figures  within  Semi  Nemtsanov  jT-year-  the  strongest  feature  in  the  the  pound  appears  to  have  acted  estate  vehicle^owcput  dunng  the  a mem  r w me  «*ri, 

choose  a vlce-presidential  A majority  of  the  delegates  the  party.  ' , old^oEmpfc dtor  \-h? deferted  country’s  economic  expansion,  as  a brake  on  German  exports  to  period  tot^led2m.  uHajjAde 

running  mate,  but  he  still  faces  want  a Ford-Reagan  ticket  which  Then  there  are  a number  of  the  Just  before  will  continue  to  grow  according  Great  Britain,  which  only  grew  Jome  180,000  .ro^cflrial  Snfirmhur  thaf  ^aimr  5 

serious6  problems  in  finding  a is  still  a possibility,  but  Mr.  young  Republican  Governors  in-  the  Games  ended  two  weeks  ago,  to  the  German  Economic  Insti-  a little,  as  did  the  Bardepo.  vehicles  were  produced.  Lari  wntomtog  that  L*jng 

man  wh£  will  be  accepted  by  Reagan  has  so  firmly  ruled  it  eluding  Governor  Bob  Ray  of  S3  decided  to  mum  home!  tute  in  West  Berlin.  . . scheme  introduced  by  Italy.  year's  statistic!  showedcar  and  "JJjrttte  clvU  engtoee. 

the  far  Right  of  the  party  and  out  that  it  seems  a little  unlikely  Iowa  and  Governor  Dan  Evans  of  Robert  Gibbens  writes  from  Mon-  But  because  of  a matching  Exports  to  the  OS.  have  not  e^ate  vehicle  PJ»ductiO“  ^ toxbl  to*  built  bv  pi 

at  least  tolerated  by  its  more  that  he  would  now  accept  a place  Washington,  who  are  new  faces  treal.  - Federal  immigration  increase  in  West  German  ira-  developed  satisfactorily,  says  the,  1^76.406  units  and  commercial  complex  oemg  bout  oj  p« 

. moderate  wing.  on  the  ticket.  In  any  case,  Mr.  and  might  do  well  in  an  “anti-  sources  confirmed  he  met  with  ports,  the  1978  balance  of  trade  institute.  But  sales  to  non  OPEC  vehicle  output  at  334,202  units.  carwm  at  wiociawes, 

’ Not  for  the  first  time,  after  a Ford  is  known  not  to  like  Mr.  Washington  ” year.  They  also  Canadian  and  Soviet  officials  in  in  goods  and  services  will  not  be  developing  countries  have  con-,  while  the  Federal  Republic's  The  civil  construction  w 
' frenetic  week,  he  must  be  envy-  Reagan  and,  while  adding  him  to  have  no  Watergate  connection.  Montreal  to  work  out  details  of  larger  than  the  DM25.3bn.  tinued  to  expand,  possibly  be- ^ manufacturers  are  naturally  valued  in  the  order  of  £l 


IN  BRIEF 

New  Briti/|L' 
company  i> 
Polish  dea , 

Petrocarbon  Developmelil! 
a member  of  the  Bun  l ’ 


",.ing  Mr.  Jimmy  Carter  who  had  wi  >» 
; . a.  month  to  consider  his  six  vice-  « - 
■■presidential  finalists  and  could  LJ  \ 
^.afford  to  dangle  them  in  front  m 
' of  the  party  while  gauging  the  JxjlM 
reaction.  Mr.  Ford  has  bad  no  tfgzswS 
“ ' such  luxury.  As  an  unelected 
' “President  in  the  closest-fought  *80 
’■^Republican  Convention  this  cen- 
tury,  he  runs  the  risk  that  who-  Kgti 
ever  be  chooses  may  alienate 
one  of  the  factions  within  the  „ 

* party.  the  ticki 

The  Reagan  forces  have  now  it  wouli 

lost  their  chance  to  force  his  much 

- hand.  But  Mr.  Ford  knows  that  country. 


c:  The  U.S. 
Preshtential 
% Ejection 


This  leaves  two  current  his  return.  ' Soviet  officials  in  recorded  in  1975.  cause  the  ability  of  these  encouraged  by  toe  performance,  will  be  started  in  Pol 

favourites.  The  first  is  Senator  Ottawa  refused  to  comment.  Two  The  Berlin  Institute  reports  countries  to  pay  has  improved  output  remains  at  well  under  within  the  next  few  wt 

Howard  Baker  from  Tennessee—  Canadian  lawyers  who  acted  for  that  exports  of  goods  and  services  with  new  demand  for  their  ex- 1he*rre.fuei  <3^  levels.  with  the  intention  of  fin  alb 

a Southerner  who  has  skilfully  him  two  weeks  ago  were  aware  were  up  by  n.g  per  cent  (11.5  port  products.  *.  „ =.  .u,  all  civil  works  in  appr 

maintained  his  links  with  both  of  this  deosio^  _ , per  cent  real)  in  the  second  Guy  Hawtin  writes  from  ^ ^ere  is  aso  crarera  « ^ mately  18  months. 

Ford  and  Reagan,  but  served  on  Canadian  officials  m Montreal  quarter  of  this  year  over  those- Frankfurt:  West  German  car  «}*  l°  jJJgJJ*  1 h Petrocarbon  signed  the  I 

the  Watergate  Senate  Committee  •JJj*  of  equivalent  period  in  the  pre-  production  In  the  first  seven ^ united  States-Hg  geiy.  contract  with  Polimex-Ce 

and  was  widely  praised  for  the  san0Y"3  dearion  whether  to  stay  ^ons  year  This  continued  a 12.1  months  of  1976  was  a ftiH  29  per  Jf  rapidly  awin  ng  ixswage  Warsaw  last  September.  * 

way  in  which  he  reacted  to  that  15  {J^  per  cent,  increase  In  cash  terms  cent,  up  on  the  performance  in  saies-  .•  - contract  Is  valued  In  exces 

affair:  The  conservatives  would  concerned,  ren0rted  for  the  first  quarter.  the  same  period  of  last  year.  Overall  car  exports  ia  the  first  £\25m. 

accept  bis  appointment  and  the  .{J*  Mrf  German  sales  to  France  have  Commercial  vehicle  output,  seven  months,  however,  were  27 

moderates  would  tolerate  it  but  it  2?  continued  to  expand  particnlarly  which  was  not  severely  affected  per  cent  up  on  the  previous  _ • __  . , 


lost  tneir  cnance  io  torce  qis  — prooiem  wnxca  coma  give  mr.  given  the  same  permit  Soviet 

- hand.  But  Mr.  Ford  knows  that  country.  ' ^ a+  „ Ford  pause  for  thought  officials  claimed  he  had  been  kid- 

• a wrong  choice  could  still  drive  It  seems  fairly  clear  that  Mr.  conservatives  would  be  napped  and  forced  to  defect  by 

"■-many  of  those  on  the  right  into  Ford — who  stresses  the  need  to  . ; hanov  with  the  other  toe  Canadian  authorities, 

’ the  arms  of  the  " American  Inde-  choose  someone  capable  of  to*  gSfWiJ®1  RimkS  demanding  his  "re turn.  Canada 

, szSrtfSG,  c i.taK  aurss> ms;  ISgS  =**■*  r * ssr 

ssc^ner^^rcouis  *sl,  affMg” «ra- rejMed  s°*«  ^ « ■»-  — — — 

"mean  that  a substantial  number  after  serving  as  Mr.  Nixons  dent  Nixon  s order  to  asmiss  r.  European  motor  component  Cars  will  also  have  greater  use  petrol  and  lubricant  market  is 

’-of  Republicans  simply  will  not  Treasury  Secretary.  His  name,  Ataj*W  rhoirman  nf  U.S. -Canada  talks  and  other  accessory  suppliers  and  longer  life  resulting  from  predicted  to  increase  by  39  per 

’work  for  Ford  in  the  autumn  however,  has  provoked  uproar  seratM.  A foraer  chajurn  ■ can  expect  to  see  their  market  improved  quality  and  the  grow-  -cent.  By  1985  the  market  split 

' campaign.  among  moderates  m the  North  toe  Environmental  Protection  Fmhfag  nghts  and  relations  increa5rby  40  per  cent  during  mg  margin  between  new  and  Is  foreseen  as  follows:  West  Ger- 

This  Convention  has  revealed  because  of  his  links  with  Water-  Ag^cy-dejs  now  a lawyer  and  wth  toe  Thir^ [ Worldare  on  the  aext  decade  according  to  a used-vehicle  prices,  ' says  the  many  22  per  cent.,  Britain  IS  per 

• more  starkly  than  before  that  the  gate  and  he  might  present  too  would  be  well ^ received  m the  agenda  for  UJS  ^Secretary  iff  “ew  iSdy  ‘ survey.  cent.- France  17  per  . cent  and 

'Yth^  mnderatp  north-east'  and  crats.  target  ^or  the  Demo-  in  faCtt  h*'^1*®®®’*1***  mirvev.  nrodneed  — -n,  ^n>«tWl2  per  cent,  accounting  for 

mid-west  and  the  much  more  con-  But  Mx.  Ford  has  been  careful  that  this  is  why  his  name  has  Mr.  Allan  Maceachen.  AP-DJ 
servative  south  and  west)  and  not  to  rule  him  out  publicly  be-  surfaced  in  the  past  two  day's.  It  reports  from  Washington.  The 

nnlitirallv  with  the  moderates  cause  he  is  a favourite  with  con-  — and  toe  names  of  Mr.  William  discussions  were  scheduled  to 

-SwKrSS  JHassmrs  sasia- 

' all  but  eclipsed  them  this  week,  after  the  nomination.  He  has  ElUot  Richardson,  the  Commerce  lubneants,  mil  grow  from  higher  po wer  and  longer  life,  and  P« .“"J? id  Swite nd 

• ’Threading1 1 a way  throucb  this  thus  turned  to  others  and  these  Secretary— is  no  doubt  intended  p o m laSt  year  to  £26'8bn'  1x1  the  growth  of  electronic  techm-  Noway  and  bwrtMTiand 

' minefield  is.  difficult  although  it  toclude  Mr  William  S|inon._the  to  reassure  ^^rtheromoder-  Contract  extended  198*  second  6ection>  coocerned  SSL  “ J2S5LSSS  JSSSLi  iSs  1 per  cent 


Boost  for  motor  parts  expected 

BY  TERRY  DODSWORTH 

European  motor  component  Cars  will  also  have  greater  use  petrol  and  lubricant  market  is 
and  other  accessory  suppliers  and  longer  life  resulting  from  predicted  to  increase  by  39  per 
can  expect  to  see  their  market  improved  quality  and  the  grow-  cent.  By  1985  the  market  split 
increase  by  40  per  cent  during  ing  margin  between  new  and  Is  foreseen  as  follows:  West  Ger- 
toe  next  decade  according  to  a used-vehicle  prices,  ' says  the  many  22  per  cent-,  Britain  IS  per 
new  study.  survey.  cent,’  France  17  per . cent  and 


earnings  up 

THE  U.K.  remains  the  woi 
second  largest  earner 
invisibles,  after  the  UJL, 
also  has  the  second  lat 
Invisibles  surplus.  In  spiti 
a small  fall  In  Its  share  of 
total  Invisible  market,  an 
ing  to  the  latest  world irais 
trade  study  published  y« 
day  by  the  Committee 
Invisible  Exports. 

Britain’s . total  Invfa 


lugs',  slipped  slightly  from 
to  U-l  per  cent 


.nd  tharafnrA  SmJgar  iSs^n  ^t^cent  I PeP®  Contract 


■ig^&rZr^  Treawiy  Secretary™ who  is  popu^  ^te  delegate  ^io  might  be  waver-  ^^"™  y^terday  ^^£*=2  berier^Vmanre  and  therefore  sg*  ^ «£ 

^easier  by  toe  fact  that  Mr.  Ford  lar  in  toe  south  but  comes  from  mg  even  at  this  late  stage.  it  has  reached  „ ^cement^  "SLin,*»  fewer  rePlacemcnl  g?gest  gr?wS  duriig  the  decade 

toe  United  Steelworkers  of  increase  from  £6.8bn.  to  £95bn.  p“™'  , , at  74  per  cent. 

America  providing  for  extension  r _ - 

Justice  Dept,  shipping  probe  iSSSrl 

•*T  M.  * — * -*■  The  contract  cover*  «nm.  0 non 


BY  OUR  NEW  YORK  STAFF 


NEW  YORK,  August  18. 


'THE  U.S.  Justice  Department  is  tition.  the  Justice  Department  is  pressed  to  maintain  good  trade 

• once  again  taking  a look  at  the  opposed  to  it  in  principle,  and  business. 

, shipping  lines  that  carry  goods  tends  to  jump  at  the  chance  to  The  conference  a]S0  prohibits  Concorde  Suit  ' ' 

across  the  Atlantic.  Records  of  investigate  its  legality.  rprtain  anti-conmetitive  practices  tT 

at  least  one  line — Sea  Land,  an  The  Law  under  which  the  con-  deferred  rebates  for  example  Court  of  Appeals  has 

■*  R.  J.  Reynolds  subsidiary— have  ference  has  traditionally  found  u H method  of  Souring  !?fusl2  l°  P®1™11  the  town  of 

already  been  subpoenaed,  and  its  immunity  from  toe  usual  thenart  of  a client  Hempstead  on  Long  bland  and 

more  are  likely  to  follow.  anti-trust  regulations  is  toe  Ship-  °confereS  member  by  other,  ?ork  sub“b-s 

nine  Act  of  1916  which  enabled  tlL  . e conIerrnc5  ™®in°er  . to  become  full  defence  partici- 

Other  companies  involved  in  J common  tariff  to  be  established  - a redu<Lt?011  ^ Wlth*  pants  in  the  suit  filed  by  sponsors 

,the  investigation  include  a con-  Vnv  membere  of  the  holdl^  lt  on  condttion  of  of  the  Concorde.  AP-DJ  reports 

-sortium  of  British.  French.  Dutch  SrteL  be  toey  under  the  U S ins  the  contracL  from  New  York.  They  had  asked 

• and  Swedish  steamship  com-  flag  or  any  other,  and  then  filed  What  may  have  touched  off  ,£t®5v®no^  sH^us.ai?ng  

s shne  Fcdcral  Marii,mecom-  ss  s> 

Hapag-Lloyd,  a West  German  ” An  argument  in  favour  of  the  ^ toe  importation  “f  a^oholic  [?  ketp  ^ Concorde  from  unng  Holland’s  national  airport,  show 

cartri  TtoS1  in  ftoe0UsrhippLg  iXtiSKSSu  largely  am*  New  York’“  A-Port 

including  U.S  Lines  and  Atlantic  industry.  UDlike  that  of  trucking,  trolled  by  the  National  Associa-  ; r in  the  first  half  of  this  year  has 


The  contract  covers  some  9.000 
employees  throughout  North 
America,  AP-DJ  reports. 


Three  new  Pepsi  Cola  pt 

_ are  to  be  Installed  in  the  So 

uie  united  Steelworkers  of  increase ‘from  £6.8bn.  to  £95bn.  _ , at  74  per  cent.  Union  and  will  be  paid  to 

AmenM  providing  for  extension  A11  estimates  are  based  on  end-  ^ survey  also  foresees  im-  The  survey  breaks  down  the  Russian  vodka.  It  was 

to  October  31,  1977.  of  its  current  1975  prices.  giving  a total  mar-  provements  in  mechanical  compo-  wst  of  lhe  after-market  into  nonneed  yesterday.  The  . 

°^rt  Wh%  “,22?  ket  of  £36bn.  In  1985  against  nents.  better  engine  efficiency  smaller  sections.  In  ‘Oils,  the  is  to  be  a “dollar  for  doll 
Th p^rnnt rar-r  £26bn.  last  year.  increased  use  of  smaller  mechanical  gronp  (including  arrangement,  with  the  So 

o tract  co  era  iom°  9 000  The  analysis  is  founded  on  a ca^f • . C*1*  °*  15?°  Pc  and,  ^f5  brake  linings,  shock  absorbers.  Union  paying  for  concentn 

o rediction  of  an  increase  in  the  wjH  increase  their  share  of  the  exhaust  systems  and  filters)  is  Pepsi  and  production  eq 
West  European  vehicle  “park"  vehicle  park  from  60  per  root,  at  predicted  to  have  annual  growth  ment  in  vodka,  which  Pep 
—the  number  of  cars  in  use—  present  to  70  per  cent,  by  1985.  rates  of  4 5 p*r  cent,  in  1975-80  wiU  retail  in  the  U.S.  No  fii 
to  111m.  over  the  next  decade.  Growth  in  West  Europe’s  and  4 per  cent  in  1930-85.  dal- details  were  announce 


dal- details  were  announce 


Air  cargo 
volume  up 

By  Michael  Van  Os 

AMSTERDAM,  August  18 


VENEZUELAN  PORTS 


Avoiding  the  bottlenecks 


BY  JOHN  WYLE5,  SHIPPING  CORRESPONDENT 


ne  vTaifdiori  A WHOLESALE  reorganisation  is  British  advice  which  is  helping  set  guidelines  and  me 
of  this  war  has  of  Venezuela’s  major  ports  gets  to  create  the  INP  and  British  performance,  leaving  the 
ke  Which  ic  an  under  way  next  week  with  the  personnel  who  are  involved  in  to-day  running  of  toe  pot 


members  of  a " conference."  the  as  is  practised  among  airplane  ference.  and  with  non-conference  Laboratory,  Pasadena.  California.  world  trading  * authority  which  has  been  given  won  the  main  contract  in  March  with  three  areas  designatet 

prime  function  of  which  is  to  set  companies  by  the  International  members,  should  they  decide  to  must  decide  by  Friday  whether  m.*nfiir  nf  toe  tricky  responsibility  of  steer-  and  have  had  a team  of  six  in  priorities.  The  first  and  i 

cargo  prices.  Since  such  an  Air  Traffic  Association  (LATA),  enter  into  competition  with  the  V,k|ng  2 lander  will  attempt  h dled  however  hJ  Tone  ud  ^ Venezuela  clear  of  some  of  Venezuela  since  -then  working  politically-sensitive  is  tha  1 
agreement  tends  to  limit  compe-  U.S.  companies  would  be  hard  conference  lines.  °?...tbe.,Ar.cad*a  ^ nnlv  4 o*rZ,f  tn  n«rlv1  Rrn  **  bottlenecks  afflicting  equally  on  a blueprint  for  the. INP.  to  Improve  productivity  of 

T reports^  rSe  tW?  S 2 “tot  C0Untnes  in  The  British  stevedoring  com-  workers  and  to  reform  aw 

_ . , _ aii  orbiting  the  planet,  checking  Scbipbol  airport  authority  a waiting  time  of  seven  days  ScrattOTis  Maltby,  were  which  yields  high 

Income  rises  C^hile  Hints  in  chlirch  clash  possible  landing  sites  before  job?  noted  that  regular  goods  traffic  at  the  port  of  Caracas.  La  Gnail?  1?  by  PVt£  heIp.  ,out  °°  Suarantees  of  perf 

1ULU1UC  lldca  JUUld  ill  CUUiCU  cutdll  mg  Viking  1 on  the  Martian  on  toe  intercontinental  routes  hirdfr  comnanu  wito  th^  !3?dav  ?e  Port  ^organisation  side  and  ance 

a BY  HUGH  OWAUGHNESSY  surface.  On  /Tuesday  it  began  has  risen  19  per  cent,  to  glSSi  h?v?  Provlded  three  experts  to  Port  workers  are  represe 


Income  rises 
10.6  per  cent, 
during  July 

By  Our  Own  Correspondent 
WASHINGTON,  August  18. 


Chile  junta  in  church  clash 


BY  HUGH  O’SHAUGHNESSY 


• PERSONAL  INCOME  in  the  U.S.  Church. 


*,iHran*rtfmUCfn  CWpn!w  distinguished  Chileans  what  pr__i_;  .l;  ^ j 

1973  af  a rSiu  of  a nw  clash  h°Pe  of  jostle®  was  there  for  ^reelf  shlP  J handled  amounted  to  97m.  ! 

with  the  leaders  of  toe  Catholic  humbler  members  of  the  a Greek  fishing  vessel  andir™|^Jar  g .oods  Min.  kg 


community. 


an  increase  of  as  much  as  99  per  t0  ^ to  avoid  ^ pQtentiai  con.  Industrial  relations  problems  SuctioS  iS  manniW ^CkSrb 
hlldlpd  problems  which  could  have  ^ven- the  British  pot.ts  Sangw  on  thfe  froiit  Su  im 

steTn  fro™  ambitious  Indus-  industry  a generally  poor,  and  some  bard  bSSalnlnl 
and  in?^uar  8®°*^  36m.  kg.  tr^l  and  agricultural  develop-  not  altogether  deserved  image  • 

The  fieures  show  that  the  slow  ^ over  the  past  few  years.  several  years  to  achieve. 


that  was  seized  for  illegally  The  figures  show  that  the  slow  meQt  plans  * 
taking  shellfish  on  the  continental  rise  in  the  number  of  passengers  . , 


advance  in  almost  a year  during  a state  of  "insecurity  Uon  on  Tuesday  of  Sr7 M^uel  from  bSSTtZ  rettieme^wS  SlmTIill  to  Uws  a pro^i^e  for  lnTesting  SX 

Government  figures  show  total  for  every  member  of  the  nation  ’’  Cabrera,  a government  official,  far  less  than  toe  $410,000  paid  of  charter  passengers  handled  in  £26-li>n.  aimed  at  creating  ®*riy  1960s  PA  has  . ® i 

-income  received  by  all  Americans  as  a result  of  its  decision  to  and  his  associates  who  organised  by  the  Russians  when  the  trawler  jLnu*ra!fi.SpSSengerS  365:000  jobs.  Capital  develops  $#!“d  advised  °°  Problems  whirh  thbu  in  nlaoreil  no; 


as  a resuu  ui  iu  ueciaiuu  10  ana  ms  associates  wno  organised  oy  uie  Russians  wnen  the  trawler  Januarv-June 
a sources  JU”LC.c  0,iP0l  as  “security  risks"  the  a mob  at  Santiago  airport  to  Anton  Tammsaace  was  seized  on  The  reeular 

10.6  per  cent,  over  19 1 a.  which  distinguished  Chilean  jurist  Sr.  stone  three  bishops  returning  at  a similar  offence  last  March.  handled  rose  9 

amounts  to  a real  increase  of  Eugenio  Velasco  and  the  former  the  week-end  from  a consults*.  numbers  the  nan 

'about  4 per  cent.  Christian  Democratic  minister  tion  in  Ecuador  which  had  been  v • , • * 


passengers 


arAS&tss 

on  the  country’s  four  main  norts.  n,ne  countnes  wlnle  Scruttons 


handled  rose  9 per  cent  in  ™ Sr0rts’  SStby  vtoSh  has^  only  reSenti?  the  rate  at  wb'ich  malDtefi 

numbers,  toe  number  of  charter  systems  can  be  improved  anS 


” “ ; — iue  Hum  a consuiia-  numbers,  the  number  of  charter  ^ uua*rB  ruerto  WUHSUO,  mara-  ‘“■‘““J  systems  can  be  im  Droved  am 

lout  4 per  cent.  Christian  Democratic  minister  tion  in  Ecuador  which  had  been  TQrT_  *_0  passengers  fell  10  per  cent  cato°  and  Puerto  La  Cruz  which  ?ta^ed  marketing  its  experience,  machinery  reoaifed  • Thiel 

Described  by  a government  SrJaime  Castillo.  broken  up  by  the  Ecuadorean  Jamaica  tOUTlSIU  Interestingly  with  European  have  hitherto  been  administered  js  tbe^major^operator  of  Victoria  third  m-ea  of  priority  fj 


economist  as  a “ slow  but  steady  The  junta’s  action  was  "un-  police.  Jamaica's  tourist  Industry 

rise  out  of  the  recession,”  the  “ ’ declined  by  2.9  per  cent  In  toe 

.figures  represent  a substantial  4TOI 1 a.  Bret  half  of  this  year,  compared  continental  charter  passengers  Predictably,  the  result  has  been  5™*  at  uarom.  through  authority  wilT  be^seeldi 

.Sam  m wages  and  salaries  last  V 6I16ZU6I2.  32TGGS  JpODH.  DUuSCt  to  the  January-June  period  of  last  handled  in  fact  advanced,  by  6 a considerable  amount  of  muddle  Fletchers  Wharves  (Cardiff).  tighten  port  securifr^ 

month,  coupled  with  a major  cost  Y u U.M.  0 p.-.-.c  * is  T®3*1.  the  island’s  Tourist  Board  per  cent  and  confusion  in  cargo  handling,  When  toe  INP  opens  its  doors  & currently  thp  resnonstbilt 

nf  living  increase  for  social  «Y  JOSEPH  MANN  CARACAS,  August  18.  reports,  our  Kingston  correspon-  ^scbiphol  which  last  year  P°or  maintenance  of  machinei|.  next  week  il  wlll  be  toe  sole  5e  todie  Sn^ 

security  recipients  and  many  VENEZUELAN  PRESIDENT  cent  increase  over  operating  ^ent  writes.  The  decline  Jn  the  reported  a' loss  of  Fls.lS.2m.  has  and  311  extiremriy  strong  union  authority  responsible  for  the  ruela’s  aua>s!-militarv  *sei 

. employees.  Carlos  Andres  Perez  and  his  costs  in  the  current  year,  industry,  from  which  toe  island  indicated  it  will  incur  representing  the  16,000  workers  administration  of.  Venezuela's  force  \ 

...  The  July  Increase  puts  personal  Cabinet  yesterday  approved  a Venezuela's  petroleum  industry  ‘art  y®ar  earned  Jamajcan  S116m.  ano«,er  loss  this  year  and  employed  in  ports.  nine  ports.  On  advice,  the  - Mr"  Roger  Kino,  a Si 

income  at  a seasonally  adjusted  $8.09bn,  budget  for  1977,  up  now  in  the  bands  of  the  Govern-  . 35  attributed  by  „ unfavourable " results  in  toe  However,  Venezuela  will  not  Venezuelans  have  resisted  any  expert  recruited  bv  PAji 

annual  rate  of  $l,3S0bn.  Wages  from  this  year's  estimated  ment— will  continue  to  supply  offic'a,s  to  acoottoamg  unfavour-  Qejrt  few  yeare-  . be  sorting  out  Its  problems  un-  temptations  to  create  a cen-  recommended  a tour  of  Bq 

and  salaries  rose  $8.16bn. in  July,  Government  expenditure  of  the  bulk  of  the  Government  in-  mafketsf  A^s  ??r  cem‘dwfa  ^ reason,  besides  toe  impact  ®ided*  Just  35  British  firms  have  tntiised  bureaucratic  structure  ports  for  some  senior  officer? 


r“UIHlfcU  . Interestingly,  with  European  nave  nuncio  oeen  anministeren  S ^ third  area  of  priority  f{« 

'Jamaica's  tourist  Industry  charter  passengers  In  Europe  J?  .Jj*  tofferent  Government  Jf INP;.  • - .'1 

declined  by  2.9  per  cent  In  the  declined  13  per  cent  and  inter-  forest  produc^  At . the  same  time  toel 


income  at  a seasonally  adjusted  S8.09bn.  budget  for  1977,  up  now  in  the  bands  of  the  Govern-  b 

annual  rate  of  $l,3S0bn.  Wages  from  this  year's  estimated  ment — will  continue  to  supply  °®c,a,s  a contini 

and  salaries  rose  S8.16bn.  in  July,  Government  expenditure  of  the  bulk  of  the  Government  in-  ^farkPtcatnit>SP,iere 

the  largest  advance  In  that  $7.7lbn.  come.  This  year,  official  estimates  tnnrict 

% category  since  last  December—  Operating  expenses  will  put  oil  revenues  at  S6.98bn.,  out  >»en  atc 
to  account  for  most  of  the  overall  account  for  jnst  over  half  the  of  total  expenditures  that  will  publicity  ” 

personal  income  increase. new  budget,  showing  a 6.4  per  probably  rise  above  S7.71bn.  intemri  di 

TV  VIOLENCE  WORRIES  THE  ADMEN 

Crime  does  not  pay 


uwwxjtivu  /-VI  vuiu,  su  UIC  ucuiucu  a®  yci  OUU  lULCt  ..  . - - LUC  eame  UUJC 

Bret  half  of  this  year,  compared  continental  charter  passengers  Predictably,  the  result  has  been  Car*^  through  authority  will  be  seefcia 

to  tlie  January-June  period  of  last  handled  in  fact  advanced,  by  6 a considerable  amount  of  muddle  rletchere  Wharres  (Cardiff)  tighten  up  port  security^ 

year,  the  island’s  Tourist  Board  per  cent  and  confusion  in  cargo  handling,  When  toe  INP  opens  its  doors  ^ currently  the  reswmStbilt 

5 1*°™’  ,«Lr  Kingston  correspon-  Schiphol.  which  last  year  P°°r  maintenance  of  machinery,  nejrt  week  it  win  - be  toe  sole  the  Guardia  Nadonal, ' V 


Denmark  takes  stock  of 
new  economic  measures 

BY  HOARY  BARNES  COPENHAGEN,  August  18. 

— — — — — — — ^ ^ ^ , — — — — — CAR  IMPORTERS  in  Denmark  91,000  in  toe  first  half  of  this 

”■  ml  are  not  taking  the  increase  in  year  compared  with  the  previous 

road  vehicle  taxes,  a part  of  toe  annual  record  of  121,000,  and 
BY  NANCY  DUNNE  IN  WASHINGTON  Government’s  economic  stabilis-  boomed-  enormously  in  July  and 

MORE  THAN  -0  years  have  programming  is  growing.  It  is  broadcasters  made  more  At  this  point  the  broadcasters  terday,  too  seriously.  . „ . 

passed  since  Congress  first  raised  organising  and  I am  convinced  promiseg  and  excuses.  By  1968  decided  that  perhaps  after  all  it  “We  expect  sales  to  be  back  .7” 
toe  question  of  a link  between  it  will  make  itself  felt  more  and  the  National  Commission  on  toe  would  not  be  improper  to  sit  in  t0  normal  after  a month  or  two,”  by_ 

television  violence  and  real  life  more  ...  in  letters  of  protest  Causes  and  Prevention  of  Vlo-  L - 1 “ according  to  a major  importer  ^ which  they  claim  conflicts 

crime.  Since  then  citizen  groups,  and  in  product  boycotts."  Mr.  lence  was  hearing  a new  network  *udgment  on  Jtheir  Piwh,ct  of  Japanese  and  French  cars.  an4  international  coffee 

legislative  committees,  educators,  Don  Johnston,  of  J.  Walter  line — that  research  should  be  and  manoeuvred  five  network  5^^  jiave  doomed  in  ex-  agreerafnt  undertaking  not  to 

criminologists,  psychologists,  Thompson,  the  company  in  ques-  done  bv  another,  objective  representatives  onto  the  twelve  pectaiion  nf  new  taxes,  but  they  do  aStiun8  reduce  coffee  «in- 

soctologists  and,  most  recently,  tion  said.  source.  member  advisory  panel.  Even-  turned  out  to  be  less  drastic  „ je®  soe^p  Kr.5  a 


RHODESIAN  CABLES  LIMITED  ’ 

....  ( Registered  in. Rhodesia) 

NOTICE  TO  SHAREHOLDERS 

Profll  statement  and  declaration  of  final  dividend  for 

financial  year  ended  30th  Jane,  1976  • J 

Audited  profits  for  toe  year  compare  as  follows  with  ^ 
corresponding  figures  in  respect  of  the  previous  financial  yea 


uuruiuci  au'wuiJ  MflUCI.  uveu-  vus  w luoo  vuaout,  -• 

Meanwhile,  Uie  U.S.  wv  caught  ^ S 


- sociologists  and,  most  recently,  tion.  said.  source.  member  advisory  panel.  -Even- 

.the  American  Medical  Associa-  Many  advertisers,  including  „ tually  the  advisory  panel  came 

tion  have  protested  against  the  Kraft  Foods  and  General  Foods.  “^hI,*5L  !5f1iU,S».iurfC*,,8ht  UP  *ixh  toe  following  gem: 

barrage  of  dramatic  violence  are  now  refusing  to  sponsor  HP  m hloodJ  war.  M f . CU6l  0i  nuyiog.  --- 

beamed  daily  at  a society  beset  programmes  deemed  too  violent.  TJfl  hY  a°?  10  Petrol  goes  up  by  Kr.Q.40  to  KrJ 

by  ever-increasing  rales  of  To  help  determine  what  pro-  ^°“f.  * wav?  ni  J„ra?w  Kgin  B 

'Violent  crime.  grammes  contain  “ excessive ''  ®»«s“ations  and  street  enme.  weight  taxes,  p,—5'1- 

. Now  advertisers  and  advertis-  S“lfneefl.a“d  vi?*"iSpS52S5  ing  cause  of ' deathin^h^nation.  children  by  viewing  violence  on  ar^v'"cr®a*^J:  w- 


up  with  toe  following  gem:.  phasls  on  running  costs,  not  the  ta^ 

* cost  of  buvinc  coffee  essence  of  Kr.12.50  and 

There  is  a convergence  of  toe  C ‘ i?'  Vr  n Kr.9  per  kilo 

fairiv  substantial  evnerimental  Petrol  goes  up  by  kr-0-40  to 

SSSM  KrJ.70  (25pl  a Htre,  and  Banks  and  savings  banks  fear 

Sf  ^SraSta  5SJTSSS  taxes  payable  annually,  that  the  Kr.l  tax  introduced  for 

PhiMran  hv  wipulnc  vini^npo  nn  a«  increased.  the  first  time  on  cheques  .will 


Pre-T^x  Profit  

Taxation  _• 

After-Tax  Profit 


Year 

ended 

30A76 

Rhodesian 

Dollars.. 

1,772^00 

731,600.- 

1,046^00 


Year  • . 

ended 

30.6.75 

Rhodesian 
Dollars  I 
IS&L4O0 
873,900 . 

1,007,5W 


“ini  awode*  concerned  about  them,  the  National  Citizens’  {g*™ “ ™ ^reen  and  much  1p«  certain  The  registration  fee  on  com-  distort  their  position  in  competi- 

both— bv  toe’  social  aspects  of  Commitree  for  Broadcasting  has  irt  M ei5  J-n  than  in  IhJ  evidence  from  field  studies  that  men*al  vehicles  goes  up  from  tion  with  toe  Post  Office  Giro, 

toeirproducts  Sand  thelr^profits  ^“Jed  a.  computerised  JSSSMSttgi^  SeSverio”  ?reriSrin“  ?£  **  «»  per  cent  of  toe  retail  which  will  not  be.  efcctjL  An- 

—have  joined  the  fray  to  con-  SfflllHSISF v Dt0W  toat  the  rate  of  violence  in  en-  cedes  some  long-run  manifesta-  Price,  which  puts  Kr^.OOO  on  an  other  innovation  u toe  Kr.3  per 

vince  broadcasters  to  curb  the  Pu^ishlngtoen^Kofthe  ten  tertainment  programmes  in  the  tions  of  aggressive  bejiaviouf.  }JKJR  van  00511118  Kr45‘000  JSSSRJSLBnPiS&^lS^Sl 

crime  rate— on  the  box.  SiSflSS*  shws  u-s-  k double  what  it  is  in  This  convergence  of  toe  two  B rflpnri,  processing  industry  wtil  be 

Sneaking  at  the  June  ennven-  Britain.  types  of  evidence  _ constitutes  New  car  sales  reached  a record  exempted. 


_ , , T along  wito  their  sponsors.  RHtain 

. Speaking  at  the  June  conyen-  Contrary  to  a Inng-beld  notion  Bntam- 
tion  of  the  American  Advertis-  here  among  TV  executives  that  Pressi 


. , some  preliminary  evidence  of  a 

.Pros™*  groups  increamngiy  „u5al  relationship.  But  a good 


to«  "io,encedtis  need^  ro  attract  disturbed  by  the  growth  of  wo-  Soviet  gas  mission  delayed 

iss  ^rP“jr  £ S’SnM ■: k awsr«jaa confl-  «*» ^ 

He  cited  a recent  study,  coa-  eluded  most  of  the  season’s  ton  1969  Senator  John  O.  Pastore,  _.  . . . „ - _ THE  SOVIET  delegation  Which  problems  in  the  negotiations, 

ratod  by  *VS  1cn°”Pany’  n^hlcb  bits.  chairman  of  the  Senate  sub-  ™ 2£Si5r  TV  scheduled  to  leave  Moscow  The  delegation  which  is  com- 

■ revealed  that  10  per  cent,  of  As  early  as  1954  Sen.  Estes  committee  on  communications,  failed  effectively  to  limit  iv  London  to-dav  to  discuss  a P°sed  members  of  the  Soviet 

those  polled  had  considered  not  Kafauver.  then  chairman  of  the  requested  the  Surgeon  General  violence.  Congress  and  toe ! FCC  . v * foreign  trade  organisation,  Vo 

buying  a product  advertised  on  Senate  subcommittee  on  juvenile  to  determine  “ whether  there  is  a ar*  reluctant  to  Interfere  legis-  contract  to  build  gas  compressor  jjaririno  Imports  and  the  Gas 

an  “excessively  violent  pro-  delinquency,  was  raising  the  causal  connection  between  tele-  latiyeiy  for  fear  of  - running  stations,  around  50  lightweight  Ministry  wifi  meet  in  London 

gramme:  S per  cent,  actually  had  question  of  the  effects  of  violence  vised  crime  and  violence  and  anti-  ajainst  the  first  amendment  turbine  gas  compressor  units,  in  with  negotiators  for  GEC  Gas 

made  a conscious  decision  not  viewing  upon  children.  Net-  social  behaviour  of  individuals  freedom  of  speech  guarantees,  what  could  be  the  biggest  deal  Turbines,  a subsidiary  of  GEC 

to  buy  an  advertised  product  work  representatives  claimed  . . . especially  children.”  The  There  remains  only  economic  in  the  history  of  Anglo-Soviet  and  COBERROW,  a consortium 
-and  more  than  two  out  of  every  that  research  on  the  subject  was  Surgeon  Genera]  began  an  in-  pressure  to.  hold  the  line  on  TV  trade,  bas  postponed  tts  depar-  made  up  of  Cooper  Bessemer 

five  people  interviewed  said  they  inconclusive  and  promised  to  y estimation  which  would  cncom-  violence,  and  It  is  for  that  reason  ture  for  at  least  a week  and  Rolls-Royce  and  * Williams 

avoid  watching  shows  they  con-  undertake  further  studies.  pass  23  research  projects,  under  that  the  open  participation  of  the  possibly,  lohger.  The  postpone-  Brothers  for  final  price  discus- 
sider  too  violent  The  years  passed,  the  studies  the  guidance  of  a science  advertising  industry  on  economic  ment  la  strictly  routine,  and  sions  on  the  contract  that  could 

" Public  hostility  to  violent  were  not  forthcoming  and  advisory  committee.  grounds  could  be  significant.  does  not  Indicate  any  last  minute  be  worth  over  £l00m. 


■ Notice-  is  hereby  given  that  a final  dividend  (No.  24)  r ' 
respect  of  the  financial  year  ended  30th.  June.  1976  of  45  cent 
per  Ordinary  share  making  a total  for  toe  year  of  60  -cent  . - 
(year  ended  30th  June,  1975  60  cents)  has  been  declared  by  ^ - 
Directors  payable  to  shareholders  registered  in  the  books  o 
toe  Company  at  the  close  of  business  on  34th  September,  1973 
The  dividend  wlii  be  paid  on  or  about  29to  October.  1976.  , , 

The  transfer  books  and  Register  of  Members  will  be  closet 
from  toe  23th  September,  1976  to  the  8th- October,  1976,  botZ 
cfetes  inclusive.  ■ . ,\  ' 

The  dividend  is  subject  to  non-resident  shareholders^ 
of  .15  per  cent,  in  the  case  of  shareholders’  whose  addressed* 
too  share  register  are  outside  Rhodesia. 

• . ’ By  -Order  of  the  Board, 

.*  ; .0.  Aamodti 

■■  j,-'.  . Secretaiys.V; 

LyttonKoad,  - 

Workington^  - ‘ 

Salisbury.  : ‘ . • r..’ 

X3AAuguSt,  1976.  ..  . ' 

Share  Transfer  Secretaxiest 
Johannesburg:  London:. 

Bill  Samuel  Registrars  CS-A.)  HID  Samuel  Bbgistrars~I«igtited  ; 
Limited;-.  • • : .6  Greencaat  jHace, 

P.  0.  Box:623XS.  London,  SW1P  1PL,;  ■' 

- ‘ Marshal town. 2107.  - ■ ..  - 

Transvaal,  • ••  t ./•'•■ f -•7.;- 

Souto  Africa-.  \ 


V 


IS  INE% 


HOME 

N 1 V>  S ■ 

• ■ — _ . 

Staid  offer 


Chemical  mdustry  growthj  Freig(ht  t 
forecasts  unrealistic  chanse 


jpsets  ; 
Bristol 

'j.B y John  Wyte,  Shipping 
sConwpoqd«it- ... 


BY  RjHYS  DAVID 


change 

urged 


BRITAIN’S  CHEMICAL  Industry  believed  that  this  target  can  be  industry  strategy  review  carried  Arthur  Smith  i 

has  told  the  Government  that  achieved.  out  by  the  four  sub-sectors  1 j 

grcrwthTproJectiorts  for  chemicals  The  industry  points  out  that  chosen  for  further  study."  AN  URGENT  pica  for  financial  | 

included  in  a recent  paper  on  the  second  forecast  .growth  rate  -rv,p  a«cociatinTi  said  that  the  reconstruction  is  made  to-day  by 

medium-term  prospects  for  indus-  for  chemicals  goes  considerably  obstacles  to  reachin™  the  target  foe  State-owned  National  Freight 

trial  sectors  must  be  regarded  beyond  the  expectations  of  the  nartiv  tte  ™bs1anti?ai  addi-  Corporation.  The  Government 

as  unrealistic.  . ' recent  Chemicals  Economic  rtMCite  wS  would  be  has  already  committed  up  to 

. The  paper,  submitted  by  foe  , pwuiell  rePort  required  over  and  above  the  this.  >ear  t0  meet  the 

Tfeasarr  to  the  National  Econo-  U-I^  Chemicals,  1975-S5.  _ nir«ndv  investmenr  corporations  cash  crisis. 


' s,  > Treasury  to  the  National  Econo-  already  considerable  investment 

o 'Is ir  ..  4 nuc., Development  Council,  in-  ..J™?  J°  programme  foreseen  by  the  Coopers  and  Lybrand.  foe  City 

r-  lLLEGATXGNS  that  foe  Govern-  -tended  to  go  a stage- beyond  the  March  after  long  research,  fore-  CbemjCais  F.nr  report.  accountants  put  in  by  the  Trea- 

• - ^ -.-■Jent  had  tried  ■‘to  take,  trade  vork  qarried  out  by  ^.industrial  ^st  ^ at e oirtput  trend  sury  and  the  Department  of 

'.r.  . >;«y  from  the  port  of  Bristol*’  sectors  which  have  been- looking  fi»r  tw97?^f~'tlie  ImoortSUlt  Environment  to  examine  ways  in 

* x"  offexmgr  cash  aid  to  Toyota.’®  at  short-term  prospects:  . It  puts  Period  covered  in  the  Treasury  liujjoriiun  which  the  profitabilitv  or  the 

:ict;  dtish  subsidiary,  were  -made  forward  two  . forecasts  for  con-  P®p®r— ' 01  e-1  P*1-,  “P1*  assuming  Even  more  important,  to  state  concern  could  be  improved, 
••v\.r  -•;.>teiday  at  the  start  of  what  sideration.  T V - that  ^ annual  increase  of  jusUfy  ^is  capacity  would  have  completed  their  work,  and 

; ^ ..Vomlses. to  be  ^'  ^ated  row  envisaged  'an  1 annual  ^aSieved11-3  P 1 “ require  an  “aln30St.  »nstan-  a Government  decision  isj 

..  ■**. .i-  -Jween  the.  Labour-controlled  growth  rate  for  ■i-hem Seals  of  r w«a  ,?v ea:.  - *-  . Laneous  and  profound  increase  awaited.  ' 

Sey  ^fftS^sJcretary  per  c™*-  against  a rate_of  5T  nS*lt  ci«r  th«Mta*pn3«<*ri  !EeUlhiEh"ytiScomSJuHvelli,™or°d  The  Corporation.  in  its  reply  i 
L -K.  Ilf”  W Mr.  Varley-s  . , Ihe  industry  S .ndiLted  by  sn  ,.„see"  a i«»  the  proposal  that  coptrol  of ! 


r.  - event-  had,  tried 
. from : the '] 

* x"  offeringr  cash 


beyond  the  capacity  ability  of  Jlread?  seen  a formidable  in*  Pohcyeousultatlon  document,  re-, 
the  industry  as  indicated  by  an  „”*!y  in/L  rhMniraUEDC  Jects  th®  PrnPosaJ  foat  control  of! 
investment  intentions  survey  £££.  *°  the  chemicals  EDC  Frelgbtlim.rs  should  be  banded  I 
.... ^ forecast.  nppr Rri.icK  o„n  ■ 


iken  aroused  by  Mr.  Valley’s 
"Ifusal . to  grant  an  Industrial  Off  target 

nalnnmpnt  . o 


velopment  Certificate  for  a 
r.relopment  by  Toyota  (GB)  at 


mi.f  , , prepared  in  March.  . 

2£U™.*S£SllTKr.h"I  Trowbridge, 


The  organisation  claims  that  I 


over  to  Britisb  Rail. 


• -.Ich  is  due  to  start  operations  meeung  two  ****?  tion,"  said  "yesterday  "that  "the  imply  that  chemical  exports  will  | 

•v  the  end  of  . this  year.  wnicn,  conciuaea  that  only  the  aTCrage  ano'ual  growth  rate  of  stow  at  an  average  of  more  tbaoJ  ft  is  clear  from  its  comments  j 

'.Certificates  are  required  for  10^  Per  for  the  chemicals  20  per  cent.,  given  the  low  that  a bi-  question  mark  still > 

• - industrial  developments  out-  ^earml  manufoeturfog  ^owfo  of  Which  was  included  in  growth  of  domestic  consumer  bangs  over  the  ruiurc  of  National 

-e  assisted  areas  and  are'  a feow^  of  lOS  ^in^  aT^r  the  second  forecast  for  foe  expenditure,  and  wnll  double  Carriers,  ihe  former  British  Rail 
'ior  Government  tool  for  <hs-  period  1975-79  was  unrealistic  if  over  four  years.  sundries  division,  which  has  not 

■ -Lw&  SdSr?  .-T  S iSUTh  ” P 0)‘"«d  in  conjunction  with  the  It  also  points  out  that  foe  made  a profit  since  the  corpora- 

P OT0UBl1-  stated  assumptions  of  the  Chan-  faster  growth  rate  achieved  by  tion  was  set  up. 

••.:-  i0y°^f^atI^oP0Sran  ??|?  A letter  to  foe  Chancellor  and  cellor’s  paper.  chemicals,  compared  with  other  strategics  con 

hSb  oar  ^ Sscrotar?  for  Industry,  from  “The  figure  is  also  quite  in-  industries  in  foe  past  mav  not  .gjdered  "for  Carriers  ranee 
- Mr.  John  Hunter,  president  or  compatible  with  foe  detailed  last  because  of  higher  feedstock  between  ,.umDiete  closure  in 
. button  centie  within  the  the  chemical  industries  Associa-  ‘market-opportunity*  planning  costs,  reduced  scope  for  suhstitu-  which  redundaifcv  costs  alone 

ck,  which  would  tion  and  u>>magmg  director  of  that  has  been  done  by  the  che mi-  tion  and  foe  diminished  effect  WQm|,i  h*.  ahout  £65m  and  hie 

--.Tf’ySo?' tSJ2-  BP  « iy  "»t  cals  EDC  and  in  tie  subsequent  on  costs.  compel 

• ixirted  from  Japan  annually.  — ■ . tive  services.  I 


Dock  P£°sg®ct8  ^ rejected  by  the  director-general  of  foe  associa-  foe  Government’s  assumptions  Cfrafoaipc 
itions  NEPP  meeting  two  weeks  ago.  ti  S3fri  Vpcrp.rdav  that  thp  imnlv  that  chemical  exports  will  ^ITaiCgieS 


of 


[which  concluded  that  only  the 


jor  Gove  miner 
-l  jsiog  industry. 


.■  "•■4.  agreed  terms  for.  a fSra.jg^  Secretary  for  Industry,  from 


mm-  . 


iSSSasss  British  Gas  accepts  consumer 

it  ..  iranteed  long-term  user  to  the  . 

plan  for  graduated  rises 

• -“JUn  the  ports  . industiy'. 
r '[  velopment  of  the  dock  has  • . 

-•  ’n  financed  solely  by  the  port  BRITISH  GAS  Corporation  has  hold  the  tariffs  now  proposed  “ Under  the  proposed  increases 
. : l its  ovraer,  Bristol  Corpora-  made  a concession  to  consumers  for  a year.  Ihe  customer  using  a cooker 

...a.  on  the  proposals  for  higher  Last  night’s  statement  added:  would  pay  between  I.5p  arid  3p 

Tr  Waiiv  Jenkins-  chairman  prices  _it-  has  submitted  io  the  “This  must  depend  to  a large  per  week  more  for  gas. 

Price  Commission.  . ’ ^ “Tbe  customer  using  gas  for 

• nmittee,  clauned  _ yesterday  The  corporation  said  last. night  ®an«gej5  foe  economy,  in  heating  and  hot 


The  Corporation  says  in  its; 


■*|R§§^ 


Secretary  Yvonne  Bantficld  checks  the  catalogue  during  the 
three-day  auction  of  Jensen  assets  at  West  Bromwich. 

Jensen  prototype 
sold  for  £12,500 


Spinning 
mill  deal 
is  worth 
£6m. 


BY  RHYS  DAVID 

STONE-PLATT.  the  world's 
biggest  spuming  manchinery 
producer  through  its  Platt  Saco 
Lowell  subsid&ry,  has  won  a 
£6m.  contract  to  equip  the 
recently  - announced  spinning 
mill  to  be  built  at  Atherton. 
Lancashire.  by  Carrington 
VlyeUa. 

The  contract  involves  installing 
about  £4m.  worth  of  modem 
spinning  machineiy,  a large 
part  of  which  will  be  built  at 
Platt's  Northern  plants. 

Remaining  expenditure  will  be 
largely  on  buildings,  the  con- 
tract for  which  has  gone  tn 
George  Dew.  of  Oldham. 

The  unit,  the  first  new  spinning 
mill  to  be  built  in  Lancashire 
for  50  years,  will  produce  high 
quality  combed  cotton- 
polyester  sheeting  yams  for 
Carrington  Vi  ye  Ha's  range  of 
Dorma  bed  coverings  and  for 
Shirtings. 

The  facilities,  which  will  employ 
about  100  people,  are  intended 
to  balam*e  ^onsiri^rable  invest- 
ment already  made  by  Carring- 
ton ViyeHa  in  weaving. 

A total  of  £4m  has  already  been 
spent  on  re-equinuinc  the  com- 
pany's Fold  mill  which  pro- 
diices Dorma  sheets. 


reply  to  fop  consultation  docu-  A UNIQUE  Jensen  car  which  was  them  and  brought  rather  more  More  Orders 

meutthar  ihe  kev  lies  in  break- 1 designed  a year  ago  but  never  than  we  expected.*’  _ , 

ing  dov\Ti  foe  general  body  0F  f weut  into  production,  was  sold  The  sale,  which  came  almost  Thet  w,1TbnoJ  °™?r® 

Carriers  into  “a  series  of  profit  j yesterday  for  £12,50(1  at  foe  auc-  a year  after  the  company  went  a.(  Saco  Lowell,  which 

motivated,  smaller,  dedicated, j t*on  the  company's  assets.  _ info  receivership,  is  due  to  end  *,*<e  jfoer  textile  machinery 

distribution  activities,’*  ' The  car  is  a 7J2  litre  coupe,  to-day.  It  will  conclude  the  com-  manufacturers  has  been  wail- 


It  expresses  doubts  ahout  b^nSer S ****%  f°ntiDuo.us  ^ory  ,of! 

ioein-j  inppiber  thp  m.hiir-  5 manufacturing  for  the  motor, 


bringioc  iogether  the  public  i-ei/ed  because  of  the  cash  crisis  forlustiv  sinceSlS9S 
sector  parrels  companies  of  its  which  has  l*»d  tD  the  eomoanv's  In^,uscr^  since 

“ Under  the  proposed  increases  ™ Ca2rsn3?  Road:  j cfosu re.  ' suSive^Sealctic 

the  customer  using  a cooker  •/ le  Posl  0mcc  and  At  foe  auction  in  West  Brom-  d cii 

kaiuuAii  t Bntish  Rail.  • wirh  Mr  F.rin  Pnu/f.n  a Mmo.  ana.  sen. icing  opei 


like  other  textile  machinery 
manufacturers  has  been  wail- 
ing for  Ihe  slow  increase  now 
taking  place  in  textile  demand 
round  the  world  lo  lead  to 
more  orders  for  new  machinery. 


1 wich  Vr  Eric  Powell  a Man"  and  seiTicinE  operation  which 

will  assure  Jensen  owners  of 


rv  Waiiv  Jenkins-  chairman  prices  _it  has  submitted  io  the  “This  must  depend  to  a large  per  week  more  for  gas.  Such  an  enlarged  general  I Chester  businessman,  bought  this  Darte  for  foe  next  ten  vears  and 

„ «““-s-2s 'sss^rs.  es^issss^ s«adtw#,,,"ite,,o“ 

nmittee,  claimed  yesterday  The  corporation  said  last. night  “*25S* L*  tv!!«55!.T.  **2?.  full  central  heating  and  hot  answer  in  The  ore-oroduction  ear  has  red  labe  on  small-scale  engineering 

; «*  «a«r  impositions  specialised  sereicos.  ‘ | hide  upholstery  and  lunury  fit-  “b/„e,  "0,rb 


reiopment  worna  neea  a the  National  Gas  Consumers'  mrice  ddrMtivr^  and  62P  a week  more,  depending  4 n_  tll  ‘ .7 -i  tings,  including  air  conditioning  Jensen  v 

.tificate.  foe  Department  of  Council;  it  had  agreed  to  amend  EJ  <“r0CtlvC3  on  ^ size  0f  the  house  and  s!lle  of  financial  recon-  and  eiectronicalJy  operated  win-  11  months 

lustry  told  Toyota  that  if  it  its  prepayment  tariff  proposals.  ar^  sun,lar  fact0*s'  foe  region  in  which  lie  lives."  ujjf0,?11*  -the  corP°ral?on  ba*  dows.  Bidding  started  at  £6.000.  £3-7m-  l<> 

tched  foe  proposed  site  to  an  __  . ' . * The  consumers’  council  had  y been_  pressing  for  foe  issue  of  Thu  nthor  h«n  nrnri. J inn  nmmAr  RcCPlDtS  f ! 


in  The' pre-production  car  has  red  tabe  °,n  small-scale  engineering 
hide  upholstery  and  luxury  fit-  and  work  contracts. 


su  rvive  ^fo  c ^ auction— a 6Cspares  denial  so  gi  vq^Fl  attarn^or 

ssisss?  msssts  ii 

part.  for“ihe  pext’ten  years’  and  socure 

a special  projects  business  to  Mr  nni  w-imoc  •,  rtirprtor  tir 

“Sr  MS-21  "«!=£-•  "rair^eli/'K 


tched  foe  proposed 


_r — ...... .. _ . ...  i Geoffrey  Buckley,  chairman  of 

tings,  including  air  conditioning  Jensen  went  into  receivership  piatt  Saco  Lowell  said  yester- 
and  electronically  operated  win-  “ months  ago  with  debts  of  day  that  the  deal  demonstrated 

dows.  Bidding  started  at  £6.000.  “-1™-  t0  unsecured  creditors,  their  confidence  in  the  future 

The  other  two  production  coup£s  Receipts  from  foe  auction  will  0j  Lancashire  textile 

went  for  £10.250  and  £10,000.  S°  towards  paying  off  the  com-  industry. 

Assistant  receiver  Mr.  Michael  pany's  debenture  holders.  Bank  **it  wjj]  ororide  employment  for 
Williams,  who  is  supervising  foe  of  America,  while  shareholders  Lancashire  people  engaged  in 
three-day  auction,  said:  “I  am  are  expected  to  get  nothing.  machinery  manufacture,  build- 

delighted  at  the  prices  fetched  Until  foe  last  few  weeks  the  ing  and  "services  as  well  as 

by  the  cars.  receiver  had  held  out  hopes  of  continuity  of  employment  in 

“All  three  were  sold  fairly  an  acceptable  rescue  bid  for  the  the  spinning  industry,"  they 

well  above  the  reserve  put  on  company.  said. 


' usrf  and ^the  region  io  which  

«ater,  the  Department  decided  the- customer  lived.  Originally.  11  oul  lh.lt  .t_ 

H ♦>!*»  nrniArt.  rnnTd  not  BO  i.«j  « i h.  pomteu  OUI  tn<(T  Its 


» ABt*  ?Ti^  ^ 2r  a recently  announced  prefit  of  “Now  that  the  National  Gas  ZgVL  HkSfto  uree^ew 

mS  ffyota  o^esS  inCrea3C  aCT0,Bf^ri: , . £25.1m.y  in  the  last,  financial  Consumers’  Council  has  agreed  investment  allied  more^cloil.i! 

t one  would  not  be  granted/  The  corporation  said  that  it  year  was  very  modest  in  relation  to  the  proposals  as  amended,  t0  expected  financial  returns. 

.T.  had  told  the  consumere’  council  to  turnover  of  some  £1.8bn.  the  increases  can  take  effect 

t ne,«0VctwTn  +n  representatives-  that  in  making  The  new  tariff  proposals  would  from  the  first  meter  reading  ” ’ 

Jttrr  -.nvuiWA8  ill.*  ^an  application  for  price  rises — increase  the  corporation’s  after  October  1.  subject  to  the 

- 4?n«^e  TjiJLi  Sfr  10  apply,  from  the  first  meter  revenue  from  gas  sales  by  views  of  the  Price  Commission 

r Bristol,,  aaaeo  “V reading  after  October  1 — - it  about  12  per  cent,  and  from  and  the  discretion  vested  in  the 

- ft-  was  ijffldaiiv  bad  *»°  wist ■ to*  raise  prices  ntf:  service  and  installation  work  by  Secretary  of  Stale  for  Energy,” 

" itedout  in  London  yesterday  necessarily  and  would  hope  to  6 per  cent.  * said  the  corporation. 

- t : Toyota’s  application  felt  : 

'i  fiie  category  of  “nrohite  .='-•■■/  i T^T^’^1  A "H  1 

-’Jects.”  This  meant  that  there  -w-  -j  r.  • \ . .*  j fX^  •!!  |V|  § -—-A  HI 

Lack  of  inyestment  not  ! Energy  bill  l^l  vr J\  ill 

uted  at  BristoL  _ _„»!  » 


e Price  Commission  on  August  «J“ae  ejcie.  I Williams,  who  is  supervising  foe  of  America,  while  shareholders 

Given  the  Government's  three-day  auction,  said:  “I  am  are  expected  to  get  nothing. 

..xr  4h  * AT  4-,.  i reluctance  to  make  the  conces-  delighted  at  the  prices  fetched  Until  the  last  few  weeks  the 
Now  that  the  National  Gas  Sjon>  jt  is  i j kely  to  urge  new  by  the  cars.  receiver  had  held  out  hopes  of 

msutuers  Council  has  agreed  investment  allied  more  closely  "All  three  were  sold  fairly  an  acceptable  rescue  bid  for  the 
the  proposals  as  amended,  to  expected  financial  returns.  well  above  the  reserve  put  on  company 

n ifiomopne  nnrt  lolrft  qItooI  * * 


Lack  of  investment  ‘not  [ Energy  bill 
cause  of  low  productivity’  up-but 

less  used 


ternatives  | cause  oi  low  prouucuvuy  j up-uui 

;S?Cf™mchW'p™JeCJ  ' «T  REGINALD  DALE  ! 1 

‘^°o?oteMhadtbeenrSffGnned  INADEQUATE  INVESTMENT  is  directed  their  new  capital  to  the 
'.id  normally  made  available  2*  the  cause  of  low  labour  pro-  Continent  rather  than  to  the  By  Rh^  David 
• ornieets- in  assisted  areas  ductiyity  in  British  industry,  U.K.  to  work  with  productive 

Phfld  ako^e^asked  t^n-  says  an  Anglo-German  study  of  non-British  rather  unco-opera-  BRITAIN'S  ENERGY  bill  last 

"»  -itincr  i-fc  <?mn>innnionf  n n Government  aid  to  industry,  pub-  tive  British  labour.*’  year  came  to  £lt 2bn„  an 

ieyside,  te  the  Ndrfo-East  or  Je^tmenT^  . Private  companies  operating  in  iS^of  a^drop  Sf. pe?  Sa.  p”  toehnSK 


NGA  blacking  may  cost 
jobs,  say  managements 


BY  OUR  LABOUR  STAFF 

BLACKING  of  news  agency 
ropy  by  the  National  Graphical 
Association  has  seriously 


outh  Whies  ait  of  which  theory  that  low  investment  was  . rmaie  compam^  uperaung  <□  in  spite  0f  a drop  of  4 per  cent, 
ed  adeauate  nbrt  facilities.'  responsible  “provides  the  wrong  pdustries  that  were  P^ected  i0  total  energy  consumption, 
^ adequate  porr  racumes.  **  „ in  one  way  or  another  agaunst  according  to  figures  published 

«yota  said  yejterday  foat  it  Eo™s-  ......  ..  foreign  competition  were  oot 

_neyer  considered  foat^a  .The  study,  published  by  foe  accust0med  to  thinking  of  them-  i y‘ 

ficate  was  neeessairy  for  the  Trade. Policy  Research  centre  in  seiVes  as  “on  the  dole."  Yetthev  Department  or  energy  statis- 
a»l  scheme  because  less  than  London  and  the  Institute,  of  ivere"as  much  so  as  any  who  had  ties  show  foat  320m.  tons  of  coal 
0 square  feet  was  defined  International  Economics  in  Kiel;  lo  draw  unemployment  benefit  to  equivalent  of  energy  were  con- 
industrial -use.  The  matter  says  that*  “inadequate  invest-  sumed.  compared  with  332.6m. 

now  in  the  hands  of  the  meht  is- an  effect,  not  a cause.”  tons  in  1974. 

jany's  solicitors.  The' real,  cause  of  low  labour  If  there  was  a general  under-  mai„  ph.n„.  ,..ac  an  }n. 


papers,  the  Newspaper  Society 
said  yesterday. 

Some  managements  were 
**  very  concerned " and  were 
talking  of  dismissals  if  the 
blacking  did  not  stop  soon. 

The  society,  which  represents 
provincial  newspaper  owners, 
said  that  the  situation  was  so 


If  there  was  a general  under-[  change  was  an  in- 1 serious  that  to-day  li  would 


. Jenkins  said  that  Bristol  productivity  was  low  total  pro-  standing  that  industries,  regions , ^ = th  he,'f  Th  k t 

v'ho  include  Mr.  Anthony  ductivlty.  The  resulting  low  or  companies  which  got  into  sud-;t-fcp_ehv  „n„,  „nri  n,.lirai  BuS 
wood  Bonn,  the  Energy  return  on  capital  had  then  dis-  den  and  serious  trouble  would  itaKen  y c ai  a g • 
tary,  and  Mr.  Michael  conraged  new  investmenL  he  assisted  by  foe  State,  at  least1  Coal's  share  rose  from  34.7  per 

i.  foe  Chief  Whip,  would  be  -In.  foa  case  of  the  British  for  a limited  period  "we  have]  cent,  in  19f4  to  36.4  per  cent.. 
cted  in  a hid  to  have  -the  motor:  .industry,  multinational  a form  of  social  insurance  sys-ibut  was  stili  lower  than  in  1973, 
/on  reversed.  companies'-'  “have  naturally  tem."  when  it  stood  at  37.4  per  cent. 


Cqtiai  pension  status  ‘hinges 
n conunon  retirement  age9 


when  it  stood  at  37.4  per  cent. 

This  has  to  be  contrasted,  how- 
ever. with  its  62.6  per  cent  share 

of  fuel  consumption  for  1965.  _]  ■ j 

Oil,  which  had  climbed  to  a JL  O.V  fa  |SPUl6 
4S2  per  cent,  share  of  fuel  con-  w * 

sumption  in  1972,  fell  back  last  * p-jj 

year  to  43.6  per  cent,  from  foe  *T  8 1T1 

1974  total  of  ,45.5  per  cenL  owAllli 

Natural  gas  has  doubled  its  • j 

share  since  1971.  climbing  last  Ifl  PYUftriQ 
year  to  17JI  per  cent,  of  the  mar-  *** 


ask  the  Government  to 
intervene. 

Tins  situation  would  be  even 
worse  if  other  unions,  inriurt- 
inj*  the  National  Union  or 
Journalists,  aided  the  NGA's 
blacking. 


The  Newspaper  Publishers 
Association,  for  national  news- 
paper owners,  said  foat  it  bad 
no  proposals  tu  make.  It  had 
been  in  loach  with  Mr.  Bill 
Keys,  chairman  of  the  TUC 
printing  industries  committee. 

NGA  members  working  for 
national  and  provincial  news- 
papers were  instructed  by 
their  union  on  Monday  night 
not  to  handle  material  from 
the  Press  Association,  Renter 
and  Exchange  Telegraph. 

The  instruction  came  after 
the  refusal  of  130  members  at 
the  agencies  to  contribute  to 
an  NGA  London  retirement 
fund.  They  were  expelled 
from  the  Union. 

Ollier  printing  unions  have 


hero  asked  by  the  NGA  to 
support  foe  blacking. 

The  ban  means  compositors 
on  many  newspapers  are  refus- 
ing to  set  in  type  material  foat 
is  not  written  by  staff  journa- 
lists. Provincial  daily  news- 
papers depend  on  the  Press 
Association  and  Renter  for 
many  of  their  national  and 
foreign  new's  reports. 

O The  National  Union  or 
Journalists  said  foat  official 
industrial  action  from  Monday 
in  protest  at  the  refusal  of  the 
Northamptonshire  Evening 
Telegraph,  foe  News  Echo  at 
Wellingborough  and  the 
tlarborongh  Mall  tu  negotiate 
a closed  shop  seemed 
**  Inevitable.” 


,4-  Lost  job 
results 
in  NALGO 
strike 

By  Alan  Pike,  Labour  Staff 
NGA  to  , . 

Local  government  staff  at  Tower 

npositors  Hamlets,  London,  voted  last 
ire  refus-  night  to  strike  over  the 
srial  foat  council's  refusal  to  restore  a 
y "news-  st,cial  worker  tn  his  old  job 

le  Press  in  spit<?  of  an  industrial 

iter  for  tribunal  decision, 

mal  and  The  National  and  Local  Govern- 
ment Officers'  Association  will 

t n,<IH  *°|  be  asked  by  its  1,300  Towcr 
Monday  Hamlets  members  to  make  the 

al  or  the  action  official. 

Evening  Some  social  services  staff  are 


ERIC  SHORT 


Natural  gas  has  doubled  its 
share  since  1971.  climbing  last 
year  to  17.3  per  cent,  of  the  mar- 
ket, against  15.9  per  cent  in  1974. 
Nuclear  power  makes  foe  same 


Union  recognition 
clash  settled 


By  Our  Labour  Staff 


BY  IAN  HARGREAVES.  LABOUR  STAFF 


REPORT  or  the  Oecupa- department  estimated  foat  foe  sum,  per  unit  of  pension  com-  cen?bU^°n  °f  ab°Ut  3'3  P6r  Jbouf  SifA^ of £ them ' F ror^exuUrL  THE  T^C  h“  made  whaJ  evervbe  aI1«wed  to  retain  its  25 
Pensions  Board,  published  overall  contribution  for  new  en-  muted,  because,  on  average,  they  i K.SIU  hi™  iHL  , aQJOUnts  to  an  as  you  were  members  and  take  up  individual 


Stone-Platt 
wins  £6m. 
contract 


,,r  lvi.v  «■.«.  wo  Jlul.  industry  unions  had  failed  to  - 

nir.  John  Campbell,  tnc  com-  , „ . „ enrol  and  service  members  at  nation  committee  decided 

rn?  , T*  ^ ^ ?*?  Tra^S  Blwr  fteSSntiJSSRu!  against  implementing  foe 

3 fe(ler1atlon'  23  w?“s®  “ejnbers  limited  form  of  recoSQitr0n  was  decision, 

tomer  had  already  cancelled  struck  in  protest  at  being  denied  0ffere(i  l0  the  confederation  be- 
future  business  because  of  nop-  recognition  for  their  union,  has  fore  foe  strSfe  CODfe<leranon  De  . 

delivery  caused  by  a gewlow  m been  tojd  tbe  strike  was  in  con-  s™e'  Disputed 

support  of  a pay  claim,  which  foe  travention  of  TUC  dispute  and  • The  Confederation  will  re-open 

company  says  is  outside  the  procedures  principles  the  0386  for  retaining  the  East  Quite  apart  from  supporting  Mr. 

Government-TUC  pay  guidelines.  Moors  works  in  South  Wales.  Davies  in  his  fight  for  rem- 

Two  days  ago  foe  company  Under  foe  disputes  committee  This  is  due  to  be  closed  in  about  statement  association  mem- 


^ . Pensions  Board,  published  overaU  contribution  for  new  en-  muted,  because,  on  average,  they  i have  been  hwt  -«  , rMiii*  nr  » a“?unts  lo  an  . as  ?'ou  ,Vere  members  and  take  up  individual 

,;':'day  by  Mr.  David  Ennals.  trahts  would  have  to  be  raised  by  live  longer.  I Digest  of  U.K.  Energy  Statis ■ ,-rina  on  an i mler-umon  tUspute  griev.-.nces  on  their  behalf.  Tbe  

i-'’  ary  of  State  for  Social  2 .per  cenC  and  for  existing.  The  discretionary  powers  of  aifics.  HMSO,  £9.  ci nnafi  Mil aSnn  t naehin?  lool  whJch  caused  a nine-week  strike  committee  accepted  foe  ennfed-  selective  strike  action  started 

' ss.  states  that  equal  status  members  by  an  average  of  2i  per  scheme’s  trustees  regaling  pay-  j c{in™1  ™ ™,DC  1001  an  Essex  steel  processing  Tao  eration's  case  that  foe  building  a 

;n  and  women  in  occi\pa-  cent  to  allow  for  the  sbortfaJl.of  ments  should  be  exercised  with-|  Mr  ‘ John  r-ininbell  the  com-  fory  earlier  this  year.  industry  unions  had  failed  to  Hl,en  Tol,er  HanilP!i  adminis- 

_ pension  schemes caiino't he  past  service  contributions.  • out  regard  to  marital  status,  and  panv:s  manaein^  director  said  ThP  Imn  ^nd  Stefl  Tr^rtps f nn.  ®nrri,n?nd  fservice  members  ai 

r-'ed  until  the  Government  Overall,  the  annual  cost  to  foe  survivor’s  pensions  should  cover  SlOIlG-tlStt  Sastni-fot  that  one  German  cus-  f^Lratten  v?  nf  whni  P0U1  R‘ver  for  several  years.  This 

1 common  retirement  age  in  pensions  industry  of  reducing  the  marriages  which  take  place  after  tomer°had  already  cancelled  ri^nFJI  1,nuted  form  of  recognition  was 

' ite  scheme.  . age  would.be  £200m.  a year  for  retirement  the  Board  adds.  -„0  ff"  biSness  blcJuse  of  non-  SSS.&S'fS offered  t0  **  confederation  be- 

• .'report  says  that  the  test  futu re . service  plus  a simd^  The  report  investigated  the  WWS  x6lH*  delivery  caused  by  a go^low  in  H ^Sd  the ^strike  was ^ncoS  rore  * 6 strike' 

al  status  should  be -based  am0l™J  ^ r Paart  service  spread  joss  of  pension  tiphte  by  support  of  a pay  claim,  which  foe  travention  of  TUC  dispute  and  • The  Confederation  will  re-open 

vision  of  identical  benefits  thi»  ?ilv?rctd  won,en'  COUtrSCt  company  says  is  outside  the  nroCeHUt-es  principles  the  case  for  retaining  the  East 

n and  women  in.  Identical  ',3^.®, tlaeS^.J^?^eX3  Government-TUC  pay  guidelines.  p Moors  works  in  South  Wales, 

stances,  rafoer  than  on  foe  SlSSj*  -S2Si^5it  -C2Sd  aDDlie-  STONE-PLATT  the  world's  bi”-  Tw0  days  aS°  foe  company  Under  foe  disputes  committee  This  is  due  to  be  closed  in  about 

mer  paying  the  same  con-  foS  L“d  dS  SinSfo?’  ma S ore-  ***"  home  800  workers  after  foe  ruling  foe  36  employees  at  Rom  1980. 

';.r  ms  for  men  and  women.  i2f  2»f  **»"**£  ^SutfintS'SSteMiI  l5»it,CarS  r n ducor  ^through  ^ts  Piatt  Saco  unions  involved  in  the  dispute—  River's  factory  in  Wifoara.  Essex.  The  union’s  national  executive 
■i:.  effect  of  this  principle1  cutmorberK  S°IUtian  15  tbeu"  0W°  r,ght*  Lowell  raSSdiary5  haswona  the  . Amalgamated  Union  of  were  advnsed'foat  it  is  in  their  decided  yesterday  to  seek  a 


already  on  unofficial  strike, 
but  other  council  departments 
will  become  involved  if  the 
NALGO  executive  approves 
the  action. 

The  social  worker.  Mr.  Ian 
Davies,  aged  38,  lost  his  post 
as  principal  officer  in  charge 
■of  an  area  team  after  being 
fined  for  a homosexual  offence. 

He  accepted  another  job  as  a 
development  officer  where,  the 
council  says,  he  has  less  con- 
tact with  the  public.  But  an 
industrial  tribunal  last  month 
proposed  that  Mr.  Davies 
should  be  reinstated  in  his 
previous  position. 


when  Toteer  Hamlets  adminis- 
tration committee  decided 
against  implementing  foe 
decision. 


Disputed 


•j-.  euect  or  mis  pnnapre  supporters  claimed.  Lowell  subsidiary,  has  won 

;be  that  men  and- women  It  Bis0  ' recommended  that:  pnnrTiHnnc  £8m-  contract  to  equ: 

• same  salary  would  retire  whije  retirement  ages  remained- ^ Lunuinom.  lon  viyeUa's  new 

•ie  same  pension  at  the  different,  women  should  not  be  ' The  Board  recommended  legis-  Atherton,  Lancashire. 


Amalgamated 


of  were  advised  foat  it  is  in  their  decided  yesterday  to  seek 


£8m  contract  to  equip  Carrine-  Engineering  Workers  and  the  interests  to  join  one  of  foe  three  meeting  with  the  British  Steel 
ton  ViyeUa's  new  miU  at  E,ectrieal  and  Plumbing  Trades  unions  included  in  Rom  River's  Corporation  on  behalf  of  an  East 
Atherton  Lancashire  Unoin—hafi  threatened  strike  building  industry  agreement:  the  Moors  delegation,  to  discuss  an 


Davies  in  his  fight  for  rein- 
statement association  mem- 
bers in  Tower  Hamlets  are 
also  concerned  at  the  wider 
implications  of  a local 
authority  refusing  to  abide  by 
an  industrial  tribunal  recom- 
mendation. 


Si?  2*2:  to  reta  before  ™n. solely  Mod.,  enable  divorce  courU  The  c;nlract  lnvolv(!s  lnsu,1.  «£«  ‘SJEJS! « ore  Tb.  Wboool  decided  Lhere 


'•  foe  pension  for  women  on  the  grounds  of  their  sex.  MX  -to  order  that  a survivor’s  pen-  nJJ ie£^'  worth'  of  eoulDmaaL  fc*5pb*11  ***  (lnot  pr.®;  jjle  General  and  Municipal  which  produces  steel  billets.- 

•orne  by  the  employer,,  .early  and  late,  retirement  pro^  non  automatically  provided  M.^h  of  ir  will  he  at  Vi,  (^lsc'DSe  .^l1®  defiJ?®j  S ^?or^l?rs  The  executive  also  decided 

visions,  including  those  govern*  . under  scheme  rotes,  should  be  wS??.  Northern  nlantt  Most  of  £??•  S"!?1.0?*  AUluA  Trades  and  yesterday  to  appoint  a full-time 

iole  ing  ill-health  retfiements.  should  paid.  wholly  or  in  part,  to  a Se  ist  of  foS  bffi't  “ if  be  Sf  SS.S.SJW  Smm  Technicians.  officer  deal  ^fo  health  and 

" be  equally  available  to.  men  and  divorced  or  separated  spouse.  spent  00  buildings  foe  contract  w VL ,°nwnL°S  The  confederation  will,  how-  safety, 

report  emphasises  that  women  and  in  certain  circumstances,  to  r ni.L-.LDL imngs.  tne  contract  had  confirmed  foat  the  company  s 

rriding  consideration  is  a --The ’report  argues  that  the. : order  allocation  from  a member’s  n Jw  WVfCo  lih  am80  ° 6 t0  tjeorge  interpretation  of  foe  claim  was 

i retirement  age.  The  mortality  difference-between  men -personal  pension.  ' ° ...  , c0J2!®ct‘  T"r*l  t*! 

could  not  recommend  and  women  should  not  be  taken  The  report  proposed  legisla-  The  mill,  which  will  employ  The  muons  had  refused  to  take  B— i mh.rnAA/t  lAnC  YfWXT 

on  to  achieve  complete  into  account  In  most  actuarial1  tion,.  to  supplement  foe  equal  100  people,  will  produce  combed  advice  eimer  from  the  Depart-  JL  li^l  1 dllvvU  JUUij  IU  m 

••  • while 'the  State  scheme  'aspects  oE  private  pension  access  requirements  of  the  Social  cotton-polyester  sheeting  yarns,  h1®***  °.r  .TUC,  he  said,  * 

it  fulfil  this  cardinal  schemes,  including  pension  Security  Pensions  Act,  1975,  so  . Cincinnati  Mila  cron  is  BY  CHRBTIAN  TYLER,  LABOUR  STAFF 


. e.  accrual  rates,  adjustments  to  take  foat  all  conditions  for  entry;  to  . 1 American-owned  and  has 

. ences  in  State  trehtment  aecount -of  early' or  late  retire- pensioa  BChemes  were  the  same  raclones-  at  Biggleswade  and  __ 

- ■Ivor’s  benefits  between  meat,  contribution  rates,  anto-.  for  men  and.  women.  . . nrunfc  iamworm.  About  55  per  cent  the 

d women— -widow’s  pen-  matic  lump  -sum  benefits  on  it  recommended  that  state- . glallia  of  its  output  is  exported.  ASLE 

are  automatic  while  retirement ^and  additional  bene-  ments  sent  to  scheme  members  hifihe 

•■s  are  discretioiiarv- — ■ -fits  financed  'solely  by  the  should  contain  more  information  SOUNDPROOFING  grants  to  ofafic  StffJCK  with 

Iso  need  to  be  amended,  employer.  --  about  rights  options  and  bouseboldere  near  the  . four  of  t! 

Board  investigated  the1  However,  in  foe^  case  of  foe  also  that  members  dependents.  Scottish  airports  are  to  be  in-  nauunal  Theatre  perform- 
: equalising  pension  ages  -commutation  option  at1  retire-;  who  were  beneficiaries  under  the  creased.  The  present  grants  were  anres  were  cancelled  for  foe  ■ 

V SJT  - . ..  1 n«iul  in  Tiilv  (act  xmar . Thu  third  SUCCfiSSIVP  dav  VPCTprdaV  The 


little  danger  to  foe  community 
in  Mr.  Davies  continuing  with 
his  original  job  and  that,  in 
any  case,  contact  with  foe 
public  was  continued  -in  his 
new  post. 

This  is  disputed  by  the  council, 
which  says  as  a development 
officer  Mr.  Davies  has  little 
contact  with  foe  public. 

In  his  previous  job  he  was  res- 
ponsible for  a team  providing 
ail  social  services  throughout 
an  area. 


has  BY  CHRISTIAN  TYLER,  LABOUR  STAFF  In  his  previous  job  he  was  res- 

factories  at  BigsteSade  and 

Tamworth.  About  55  per  cent  THE  TRAIN  drivers’  union  British  Rail  and  ASLEF  have  s°f,al  slices  throughout 

of  its  output  is  exported.  ASLEF  has  decided  to  take  to  a agreed  that  two  men  will  be  an  area- 

rii  j v higher  level  its  disaereement  ne®d®d  to  drive  the  train  at  Tower  Hamlets  Council  stated 

struck  LiJJL  D..H  Dh««fe^n  frere  sPeed«  °f  100  rapt  and  above,  that  elected  members  had  the 

UCIV  , Sto,hBJ1IisAB“11„hab0-uii?h“?i?5  mainly  Tor  «fety  reasons.  Sine,  the  ultimate  responsibility  tn 
NATIONAL  Theatre  perform-  s 1-3  rapb  high-speed  fl,at  agreement  foe  ASLEF  con-  the  ratepayers  and  residents 
ances  were  cancelled  for  foe  irajn-  fere  nee  in  Juno  has  instructed  for  ensuring  foal  public  con- 


lions  bv  employers.  .-available.  This  would  mean  Schemes:  .Cnid,  6599.  HMSO,  Aberdeen  the  maximum  will- be!  rates  for  working  in  the  multi-  foe  railway  staffs  national  being  moved  from  depot 

> >•-  .... — __  — Iiiwit,  poicn  * I fQ7fl  I illdltOfia  theatre.  rtntinn 


. Government  Actuary's  women  receiving- afoighier  lump-.  .£2160. 


council. 


statioa 


fideoce  in  its  senior  officers 
was  maintained,  particularly 
in  the  sensitive  social  service; 
field.  It  believed  Mr.  Davies's 
conduct  weakened  foat  confi* 
dencc1. 


y 


..  ..  ^ 


GE 


Ul  ll  ll  I: 


TAX  MANAGER 
EUROPE 


Guildford,  Surrey  To  £11,500 


Our  client  explores  for  and  produces  oil  world- 
wide, turning  over  £1,500  million.  The  company 
is  a partner  in  a major  find  In  the  North  Sea, 
with  exploration'  activities  in  Europe  and 
Africa. 


The  Tax  Manager  will  be  involved  in  P.R.T.  and 
corporation  tax  problems  in  the  U.K.  and 
Ireland  and  will  advise  on  tax  matters  in  .other 
European  and  African  countries.  Dividing  the 
time  equally  between  compliance  work’  and 
creative  tax  planning,  the  Manager  will  advise 
on  the  local  tax  situation  as  the  company 
expands  into  new  territories. 

Aged  27-35,  applicants  may  be  Chartered 
Accountants  and  must  have  at  least  two  years’ 
corporate  tax  experience,  ideally  with  oil 
exploration  content.  Please  telephone  or  write 
to  David  Kogg,  A.C.A^  quoting  reference  T/10L 


EMA  Management  Personnel  Limited 
Bume  House,  83/89  High  Holbom 
London  WC1V  6LR 
01-242  7773 


CJA 


RECRUITMENT  CONSULTANTS 

35- New  Broad  Street.  London  EC21VI  1WH 
Tel:  D1-58S  35SS  or  01-5BS  357B 
Telex  No. SS7374 


International 

Financial 

Executives 


CJA 


Open  to  a prime  mover*— scope  to  become  an  Exeoitiw  Director  in  12-36  months 

'DIRECTOR  SYNDICATED  LOAHS-SOUTH  AMERICA 


LONDON 


£17,500 -£22,500 


MERCHANT  BANKING  ARM  — ESTABLISHED  tEADBS  IN  THE  SYNDICATED  LOAN  MARKET  — SUBSIDIARY- 

OF  LEADING  INTERNATIONAL  BANK 


W.  unit*  applirarionx  hen.  ohMatts  M-M.  8««  In  Spwisti.  who  hive  uquiml  « U*«  8 w P*™»1  *“*“"*’ 

3 ren  in  ton.  gpdkufe*  Mv  «P  W*  * Ameri“-  **  ^ ******  ££££ 

petdns  ttflMtar  major  syrttattons  UnoWng  the  utgoGatioo.  sm.co.re  and  qndicaBe.  of  □p  a.  15  p«fcn*  « r*r  for 

-insttaitlcmi  duonyhoet  South  America  and  Mexico  and  will  WaJ  . team  of  four.  Up  to  30%  awsjr  travel  will  btn«»ary.  Im«i  Ntlwy  IWgedibk 
£17.5D0-£22.50Q  + <ar  low  fad  Hey.  «Btrib«wy  pensrou,  fee  life  «»"»»  *•«*■*•  P»“  ocW  attractive -fenge  banaHw;  udstanc*  with 

remcnraJ  expanses  if  necessary.  Applications  in  ttriet  confidence,  under  reference  DS13723/FT,  to  tbe  Managing  Kfetfijr. 


CJA 


An  important  appoinfimmt^-oppommity  to  gain  rapidly  wider  international  experience  in  a vigorous  aid  fast 


expanding  group. 


COMMERCIALS  FINANCIAL  PLANNING  EXECUTIVE 


WESTERN  HOME  COUNTIES 


£8,500 -£13,000 


THE  PAINLESS  WAY  TO  FIND  A 


SENIOR  SECRETARY 


If  you  fined  a PA  Secretary,  a person  with  the  Right  Background 
and  qualifications  to  ufiac  you  in  your  work  with  .smooth 
efficiency,  then  you  also  need  a high  calibre  service  to  interview 
and  short  list  applicants  for  you. 

Please  ring  Julie  Liyoodc  an  629  5747.  the  / 

SPECIAL  APPOINTMENTS  DIVISION  OF  ADventure 


EXPANDING  AND  WELL  ESTABLISHED  COMPUTER  COMPANY  — T/O  CIRCA  £T5  MILLION 

This  new  appointment  is  open  to  Accountants  (CA.  or  A.CA.).  fnhoM,  "ho  will  have 

work  ins  time  whh  a large  accountancy  practice  and  have  since  acquired.*  rami  mum  of  two  year*  in  rteanityws  and  Invest,  jam*,  of  companies  tar 
acquisition  and  product  ?*•  purchase  purpose,  on  behalf  of  an  Jntwmtionalorstttadon  utillatag  modem  pUrming  mettad*  ^ 

Director  and  the  successful  candidate's  main  brief  will  over  the  development  and  update  of  a 3 year  plan,  a small  amount  of  ««■«■  cotaoMa- 
clons.  and  the  main  activity  will  focus  on  observing  competitors'  produces  and  identifying  and  Investigating  possible  comparues  far,  acquisition.  UP  ro 
2Q <v  away  travel  In  the  U 3A.  and  Eerepeu  Continent  will  be  necessary.  The  ability  to  think  commercially  and  .onmnirotat*  effectively  with  the  heads 
of  companies  is  vital.  Initial  salary  negotiable  £B.500-£I3,000  + contrifartwy  pension;  free  life  assurance,  sickness  insurance  and  assiranc*  wrth  removal 
expenses  if  necessary.  Applications  in  strict  confidence,  under  reference  CFPE3722/FT.  so  the  Managing'  Director: 


City  £10,000  minimum 


The  deihanifcrtor  international  financial,  services  from 
our  cfienr'x  banking  .operations  are  such. that  they  now 
have  to  augment  their  executive  cadre.  . . 

This  is-- an  exception*!  career  opportunity  to  join  a 
vigorously.  .-managed* . mufti-disciplined  group  which 
assists  multwiatkwul  corporations  and  governmental 
entities'  In  'performing  xheir  international  financial 
functions. 

Candidates  are  likely  to  be  In  the  28-38  age  range  and 
must  have  achieved  a high  educational  standard  (a 
good  degree/MBA  with  possibly  . a professional 
qualification).  " 

A strong  financial/analytical  background  « essential 
with  the  ability  to  handle  in-depth  financial  and  com- 
mercial analysis  of  -major,  projects  including,  feasibility 
studies,  market  investigations,  capital,  investment  pro- 
grammes and  undertake  the  requisite  detailed  and 
sophisticated  research  Involved.  The  capacity  to  adapt 
to  an  energetic,  highly  competitive  international 
business  environment  and  to  operate  efficiently  under 
pressure  are  pre-requisites,  as- the  positions  wot  only 
place  considerable  demands  on  the  individual's  execu- 
tion capabilities,  but  also  requires  the  ability  to  project 
a high  level  marketing  image  and  the' capacity  to  com- 
municate and  liaise  effectively  with  the  senior  echelon 
of  clients'  management.  A minimum  of  5 years 
relevant  international  business  experience  is  required. 
An'  International  remuneration  package  Is  fully 
negotiable.  An  attractive  range  of  company  benefits 
Including  a merit  bonus  scheme  will  apply. 

Fora  fuller  job  description,  male  or  female  candidates 
should  write  to  A.  R.  D-  MacDonelh  John  Courtis  & 
Partners  Ltd.,  7B:Wigmc»'e  Street*  London  W1H  9DQ, 


CAMPBELLrJOHNSTON  ASSOCIATES  (MANAGEMENT  RECRUITMENT  CONSULTANTS)  LIMITED, 
35  NEW  BROAD  STREET.  LONDON  EC2M  1NH.  TEL:  01-588  3588  or  01-588  3576.  TELEX:  887374. 


broup.  They  have  a worldwide  reputation  for  their  expertise  as 
manufacturers  of  dies  and  panel  pressings  for  the  automotive  and 
allied  industries.  As  part  of  the  programme  of  business  expansion 


and  development  a Managing  Director  Designate  is  to  be  appointed 
who  will,  as  soon  as  possible,  succeed  the  present  Managing 


Director  when  he  is-appointed  Deputy  Chairman,  initial  responsi- 
bilities wifi  be  particularly  for  sales  and  marketing,  and  the  direction 
and  coTordination  of  a diversified  bon  programme  into  new  markets. 
Essential  qualifications  will  be  a record  .of  success  in  general 
management  in  a profitable  and  technically  orientated  business 
with  particular  emphasis  on  sales  and  marketing.  Initial  salary  will 
be  at  a very  attractive  level  plus  carand  other  benefits. 

Please  apply,  in  confidence,  to  D.  G.  de  Beider,  Director,  Knight 
Wegenstein  Limited,  75  Mosley  Street.  Manchester  M2  3HR  or 
telephone  061-236  0987,  quoting  reference  no  60230. 


$/ KniglrfW&gere^ein  Limited 

TV  ManagementConsuttanisand  Consulting  Engineers 

Y London  * Manchester  * Zurich  • Dusseldorf  * Madrid 

Paris  • Stockholm  • Vienna  • Chicago 


The  Frizzed  Group 


Insurance  Manager 


Dnbai^United  Arab  Emirates 
c£7, 000 tax-free 


TheFrizaeD  Group  wishes  to  establish  and  run  an  office  in 
Dubai  with  the  object  of  obtaining  business  to  be  placed  in 
Lhe  London  and  local  markets  and,  additionally,  to  underwrite 
business  locally  under  London  market  binding iaur  horities. 

Themttin types  of  insurance  handhxl  will  be  Fire, 

Accident,  Liabilities.  C.  A.  R.  and  Marine  Cargo. 

Applkantsshould  have  at  least  five  yeats  knowledge  of 
and  experiencein  handling  com  merrii  insurance  of  the 


PROFESSIONAL  REINSURANCE  BROKER 

seeks  experienced  pebple  to  augment  its  present  team.  Applicants 
must  be  producers,  and  also  of  sufficient  calibre  to  be  able  to  play  a 
constructive  part  as.  Directors.  - Preferred,  age  range  35-45  and  a 
thorough  knowledge  Of  iioyd’s  and  its  workings  essential.  . 

Please  apply  to  Box  A.5673,  Financial  Times,  10,  Cannon  Street, 
EC4P  4BY. 


kinds  mentioned  above,  and  managerial  ex  pcricnce 
of  running  a smaflseccfon  of  up  to  four  people.  The  of  ficestalf 
will  consist  oftwo',  maybe  three  Arabian  Gerks. 


Qualification  to  Assotia  te  level  of  dieChartered  Insurance 
Institute  is  desirable. 

The  Insurance  Manager  will  report  to  the  Managing 
Director  ofFrizzeD  Inier  national  Ltd. 

Benefits  offoed  to  Lhesuccessfulapphcant  will  include 
free  accommodation,  and  a company  car  will  be  provided. 
SalaiydraXZOOO ^erannum  tax  free. 

, . Applicants  shqufdwrlte,  givingfuD  detaflsoftheir  . •* 
koowledgeand  experience,  toe 


• Mr.T.  J.CHodder,  Group  Personnel  Manager, 
The  Frtojdl  Group  Limited,  Frizzell  House, 
14-22  Elder  Street,  Loud  o a,  El  6DF 


SALES 

DIRECTOR 

(Printing)  • 


for  i medium  sized  Litho  House  ntust' 
be  fully  experienced  with  a projected 
- turnover  of  £IOO;OOQ  per  swum  plus, 
this  can  be  made  up  of  Sheet-fed 
Magizuies  and  general  comraarcJal 
. work. 


£10,000  per  annum 


plus  usual  benefits, 


WrHe  in  first  instance  to: 


MD,  Box  A567T,  Financial  Hmes, 
ID,  Cannon  Street,  EC4P.  4BY. 


BRITAIN’S 
TOP  POST 


'Will* 


:.t  fIS.t 


Company 

Secretary 


Financing 

Executives 


Finance 


Lagos 


c.£7^00 


London 


c.  £7,000  plus  car 


A major  international  company  will 
shortly  have  this  opening  in  Its 
Nigerian  operation  which  employs 
approximately  2800  in  seventeen 
trading  centres  and  has  a turnover 
exceeding  £120m. 


Major  exporter  seeks  specialist  to . formulate  and 
review  policy  relating  to  international  contract 
management  and  financing.  Considerable  travel 
overseas.  Ref:  276/FT. 


The  successful  applicant  will  work  with 
the  present  company  secretary  for  about 
one  year  before  taking  over  full  respon- 
sibility. 


There  is  also  a requirement  for  an  executive  to 
strengthen  credit  procedures  and  establish  payment 
terms  to  a wide  network  of  distributors.  Ref:  279/FT. 


Candidates,  o F Nigerian  nationality,  aged 
30-40,  should  have  over  four  years’  in  a 
similar  position  and  be  A.C.I.5.,  idea!!/ 
with  a law  degree  or  call  to  Ilia  Nigerian 
Bar.  They  should  also  be  conversant  with 
Nigerian  company  law  and  associated 
secretarial  practice  and  the  rules  govern- 
ing the  Lagos  Stock  Exchange. 


Candidates,  aged  28-10,  wilt  have  several  years’ 
experience  in  export  finance  or  leasing  and  a basic 
grounding  in  commercial  law.  Membership  of  the 
Institutes  of  Export  or  Credit  Management  or  another 
numerate  professional  qualification  would  be  pre-. 
f erred.  Modern  languages  would  also  be  use  fa  L 


We  require  an  additional  member  for  ourTroject 
Finance  Department. 

The  Department  provides  advice  on  the  best  structure 
and  financial  package  for  construction  projects 
throughout  the  world,  as  a basis  for  procuring  the 
necessary  finance  from  the  international  capital 
markets.  The  projects  are  commonly  in  the  energy, 
nuclear,  transport  and  industrial  fields. 

The  successful  applicant  will  be  in  his/her  mid 
twenties  and  wifi  have  had  some. experience  in  project 
finance  or  related  fields,  and  will  probably  have  a 
degree  and/or  professional  qualification.  Proven  skills  ' 
in  numeracy/com putcr. techniques  and  competence  in 
foreign  languages  wifi  be  an  advantage. 

Please  write  giving  brief  but  concise  details  of  vour 
experience  and  career  to ;date,  to: — " • • • 

The  Assistant  Staff  Manager,  Kleimrort,  Benson  Ltd, 

20  Fendbnrch  Street,  London  EC3P  3DB 


Shetland  Islands  Council  invite  applications 
for  the  post  of  Chief  Executive.  The  applicant 
need  not  have  local  government  experience  but 
must  be  able  to  demonstrate  ability  to  negotiate 
with  - Government  and  industry,  advise  council 
: inemberS,  dehl  with  the.  public,  arid  lead,  direct 
and  encourage  an  able  management  team.  The-: 
post  is  one  of  the  most  exciting  In  local  government; 
but  -it  is  equally  demanding  and  the  successful: 
applicant  will  require  a degree  of  commitment; 
above  that  normally:  expected  from  a chief' 
executive.  However,  the  Council  is  exceptionally 
forward  looking  an^  the  successful  applicant  can  * ^ 
be  assured  that  initiative  will  be  encouraged.  ..  f 

. . The  salary  scale  for  the  post  is  £12,132  to  *' 

£12,936  with  an  island  allowance  of.  £18?  per 
annum  and  placing  wilihe  according  to  experience. - 
There  is  a contributory  pension  scheme  . and  afcgg 
car  allowance  is  paid. . Holiday  entitlement  is  27  ^ 
working  days  plus  public  .holidays.  Assistance  nR 
with  housing  may  be  given.  IIS 

. Applications  should  be  by  letter : addressed  _ 

to  Mr.  A.  I.  Tulloch,  Convener,  Town  Hall,  Lerwick,*3®***^ 
and  should  contain  details  of  qualifications, 
experience  and  achievements.  The  closing  date;- 
for  .applications  will  be;  Tuesday,  31st  August  g p1  - 1 
— — — - ....  • , ' , 


A Career  Opportunity 
in  Trustee  Work 


Salary  is  negotiable  and  attractive  fringe 
benefits  will  apply. 


For  a fuller  job  description,  male  or  female  candidates 
sbould  write  to  John  Courtis  & Partners  Ltd.,  at  78 
Wigmore  Street,  London,  W1H  9DQ,  indicating  briefly 
and  explicitly  their  relevance  and  quoting  references 
276/FT.  or  279 /FT,  as  appropriate. 


Write  in  confidence,  quoting  reference 
1317/Lto : M.  D.  O'Mahony, 


KLEINWORT 
BENSON 
Merchant  Bankers 


Our  client  has  an  opportunity  in  the  Debenture  Section  of  its 
Trustee  Department  for  someone  with  an  in  vestment 
background  arid  at  least  one  year’s  experience:  in  one  ofthe 
following— the  Stock  Exchange,  a Banl^:  Solicit  ora'  or  • ; 
Accountants’  Officer.  Candidates,  with  good  "A*  levels  or  ~ 
posslWy  a degree,  will  ideally  be  studying  for  the  A.C.I.S.  . .- 

The  post  involves  the  administration  of  Debenture  and  Loan 
Stock  Trust  Deeds,  new  Stock  and  Bond-issues  mortgage 
charges,  analysis  of  company  transactions  andthe 

supervision  of  a small  staff. 


□ 


Peat,  Marwick,  Mitchell  & Co., 
Management  Consultants, 

11  Ironmonger  Lane, 

London  EC2V8AX. 


Salary  from  £5.300,  flexible  working  hours  and  other  big 
company  benefits.- 


LEADING  FIRM  OF 


AUSTRALIAN 

STOCKBROKERS 


REQUIRES 


A.  AN  ASSISTANT  to  the  resident  partner  of  its 
London  office.  Duties  will  include  the  exclusive 
servicing  of  a number  of  the  firm’s  clients  and 
assisting  in  the  dissemination  of  the  firm's  daily 
research  sendee  plus  in-depth  publications  and 
monthly  newsletters  to  existing  U.K.  and  European 
clients.  The  firm’s  research  department  is  regarded 
as  pre-eminent  in  its -field  of  research.  It  is  envisaged 
that  the  successful  candidate  will  be  widely  known 
in  investment  circles  and  be  able  to  ensure  that  the 
firm’s  current  high  standing  is  maintained.  Salary 
negotiable. 


MONEY  MARKET 


Nesbitt  Thomson  is  seeking  a money  market 
specialist  to  market  its  U.S.  dollar  C.D., 
Canadian  domestic  and  related,  money  market 
services  in  Europe  and  the  Middle  East. 
Candidates,  aged  25-40.  should  have  money, 
market  or  foreign  exchange  experience,  be 
self-starting  and  sales-oriented.  Generous 
remuneration  package  commensurate  with 
ability  and  experience. 


Replies  in  confidence  to: 

J.  B.  Clark,  • 

NESBITT,  THOMSON  LIMITED, 
1 Union  Court,  Old  Broad  Street, 
London  EC2N  1DY. 


B.  A SECRETARY  who  is  also  able  to  act  as  Telex 
operator  too.  This  is  a highly  responsible  position. 
Some  experience  in  the  City  is  desirable.  Salary  will 
be  commensurate  with  ability  and  experience. 


Please  reply  to  Turner  Peacock  (Solicitors),  12, 
Bedford  Row.  London  WC1R  4DN,  Reference  CJK. 
TeL  01-405  7699. 


FOREIGN  EXCHANGE  AND 
CURRENCY  DEPOSIT  BROKERS 


seeks  experienced  brokers  for  both  their  London 
and  overseas  offices.  Write  Box  A.5665,  Financial 
Times,  10,  Cannon  Street,  EC4P  4BY. 


EXECUTIVE 


Please  write  with  fidV  details.  These  wffl  be Torwarded  direet- 
to  our  client.  lost  separately  any  companies  to  whom  vour 
application  should  not  be  sent  Ref.  BJ  300.  " 


REGIONAL  MANAGER 


This  oppoinlment  is  open  to  men  and  women. 


Furniture  and  distribution  centre  at  Radcliffe,  Lancashire, 
require  new  general  manager  to  take  total  control  of 


CONFIDENTIAL 


Transport  Stock  control  Area  sales  management 
Some  facets  of  sub  assembly  Staffing  and  maintenance 
of  a 76,000  sq.  ft.  depot 


Amember  of  MSL  Group  International 
17  STRATTON. STREET,  LONDON  W1X6DB 


Area  turnover  at  the  moment  is  £1.5m.  with  plana  to 
expand  to  £2m. 


For  the  right  person  a wonderful  opportunity  with  a 
leading  company  in  the  industry.  The  position  should  lead 
to  board  status  quickly. 


Salary  not  less  than  £5,500  per  annum  plus  use  of  a com- 
pany car.  pension  scheme  -and  usual  fringe  benefits. 


Apply  in  writing  to: 

Managing  Director,  SARD  AN  Lid. 
Sardan.  House,  Grays  Place,  Slough  SL2  5AE 
Interviews  either  at  depot  or  Head  Office. 


we  am  a leading  investment  house  which  offers  a rangeoF  investment 
services,  ladudiug  Unit  Trust  management-  We  now  need  an 
additio  oai  executive  to  assist  us  in  liaising  dosety  with  London 
stockbrokers  who  are  using  our  services. 


The  successful  tandidate  will  be  in  hia  or  her 


and  wifi, 
bfroatho 


MEDIUM  SIZED. 
STOCKBROKERS 


with  no  desire  to  merge  but 
with  confidence  .to  expand 
wish  to  interview  a small 
group  or  individuals  with 
institutional  or  private  client 
business.  Write  JBox  A .5674, 
Financial  Times,  10.  Cannon 
Street,  EC4P  4BY,_ 


APPOINTMENTS 

WANTED 


CKARTWSO  ENGINEER  with  wide 
nrodwtlou  and  Industrial  engineering 
ocDertonce  seek*  freelance  •mpfeywm,. 
Write  Box  A.5S75.  Financial  Time* 

• L°u  o£sssn*&trt  «Y-.  ~ 


! SbI”  fc**cut*w.  (CaoHal 

euulpnwnt).  S .years  senior  expert - 


ence  .geefca  portion  as  A^E  wit  mi 
. 1 Btafcei  1.  Write  Sox  A-SS77 
*fiHW(idT  "fO. 


Tinitt.  to.  Cannon  sethi 


M ' "■  •? • Hi  K I Sf  ]|(|T 


CY  APPOINTMENTS 


'M 

»IR\XE 


OP 


■KmQI 

u \m  m ittflllT;  a td 


This  apporofment  «xmtque'.it  offers- the  -oppqrtu  ni  tyto 


growth  rata  C5verseas"eamings  account  tor  the  .major 
proportion  of  turnover-and.  thfir  plans'  forfurtherintar- 
nationai  growth  arejai  ready  Wett^  vanned.  Total  salesare 
ineKcessdf£2'5rratfiorL^-  : . / 

The  positioned  Group  Accountant  takes  responsibility  for 
the  international  financial  accounting  activities  of  .the 
.Group,  and  primarily  involves  the  preparation  of  the  con-; 
soiidated  financial  accounts  and  responsibility. for  Group 
accounting  policies.  ‘ " ■,  ' J.. 

The  position  demands  a positive  and  progressive  approach, 
by  a highly  skilled  accountant  able  to  accurately  interpret 
financial  information  and  effectively  contribute -to  the 
commercial  growth  of  the  Group.1-  •*-■■■  . . 

Candidates  aged27to  35- and  qualified  (probably  ACA) 
must  have  either  Experience  within  an  international  com- 
pany with  overseas  operating  subsidiaries  of  still  be 
working  within  the  profession  with  'active  involvement  in 
intematicirial  cbnsalid3tions./ygood  UK  and  international 
tax  background . and  knowledge  of.  Price  Commission 
procedures would  bfe  particularly  useful. 

Location  is  central  London  and  salary  will  be  negotiable 
to  . start  around1  £8,500.  Re-location  assistance  given 
where  necessary. 

This  appointment  is  open  to  men  andwomeri 


FINANCIAL  CONTROL-CITY 


NEW  SENIOR  POST  IN  LEADING  CITY  INSTITUTION. 


The  orgaiusation  is  substantial  in 
the  UK,  has  major  overseas  operations 
andis  committed  to  expand  within 
Europe. 

fit  this  stage  of  the  group's 
development  there  is  a need  for  a 
senior  professional  accountant  to 
become  established  so  that  he  or  she 
can  contribute  to  policy  at  the  highest 
level  and.  develop  a more  centralised 
financial  information  system.  The  new 
person  .will  have  a major  say  in  the 


role  to  be  played  This  should  lead  to 
a key  position  in  a major  organisation 
in  the  City. 

To  be  considered  you  need  to  be 
a qualified  accountant,  preferably 
with  experience  both  with  a pro- 
fessional firm  and  with  a large 
commercial  or  industrial  company. 
Age  35-45.  Salary  wifi  be  in  five 
figures  and  other  benefits  will  include 
assistance  with  house  purchase. 


Your  name  win  not  go  forward  to  our 
client  until  you  have  had  a full  briefing  on 
the  job  and  have  given  your  consent 
Please  send  a summary  covering  employ- 
ment history,  achievements,  current 
remuneration  and  age  to: 

Terence  P.  Hart  Dyke. 

Business  Development 
Consultants  (International)  Ltd, 

26  Dorset  Street,  ___ 

London  W1M  3FU. 


action 


Please  write  in  confidence  with  full  career  history  This  will 
be  forwarded  to  the  company's  advisers  who  a re  handling 
this  appointment  £teass  mark-your  envelope  IGA/8277  - 
and  send  your  application  to 

R.  Llewellyn, 

ASL  Recruitment  Advertising, 

17  Stratton  Street,  London,  W1X60B.  -’ 


SURREY  - MIN.  £5,000 
Wg  ar«  ' looking  for  -a  mature  qualified 
management  accountant  (CA.. 
A.C.M.A.)  to  head  a (mail  team  of 
accountants  who  are  directly  respon- 
sible to  Che  Finance  Director  of  a fut 
expanding  group  of  lecurity  printers 
with  an  annual  turnevar  of  £20  million, 
most  exported. 

The  position  involves  no  rounne  work 
and  covers  budgeting  (long  and  short 
term),  cash  forecasting,  development 
of  financial  models,  development  of 
the  management  information  system, 
many  special  investigations  and  keep- 
ing abreast  of  legislation  as  it  affects 
ehe  accounting  Arena. 

The  salary  it  negotiable,  depending  on 
age  and  experience  (min.  £5.000  + 
BUPA  + Pension  leheme). 

Pleat*  write  with  brief  career 
details  or 

TELEPHONE  DAVID  ORANGE 
quoting  ref.  RRA  40  to: 

. BRADBURY  WILKINSON 
& CO. 

245  BURLINGTON  ROAD 
NEW  MALDEN.  SURREY 
01-947  3271 


Group  Financial 
Controller  - Operations 

From  £10,000 


The  Charterhouse  Group -Limited  com-  ' 
prises  merchant  banking,  development 
and  venture  capital,  insurance,  distribu- 
tion and  industrial  interests. 

Along  with  the  CffieFAccburttarrt  and  the.'; 
Treasurer.  the'Group.  Financial  Controller 
— ' Operations  reports  to  the  Group 
Financial  brrEctor  and  is  responsible  lot 
co-ordinating-, " monitoring"  arid  Tnvasti- ; 
gating  'the' financial  management  of  all' 
subsidiary  companies  to  achieve  Group' 
objectives.  This  involves  both  financial 
planning  and  control. 

Candidates  must  have  an  accounting 


'qualification  and  an  MBA  is  likely  to 
prove  helpful.  Senior  lave!  financial 
management  experience  in  a multi- 
company group  is  essential. 

Starting  salary  negotiable  upwards  from 
£10,000  depending  on  experience. 
Appropriate  pension  and  other  benefits. 

. Please  send 'brief  details  in  the  first 
instanceto:  .* 

R.  W.  H.  Lubbock, 

PerSonnelGor^troller, 

The  Charterhouse  Group  Limited, 

1 Paternoster  Aow, 

St.  Paul's.  London  EC4M  7DH. 


t GHARTERHOJSE 


Financal 

Controler 

Designate 


Our  client,  the  National  Houie-Bullding  Cc  unci’,  limited 
by  guarantee,  is  among  the  largest  non-pront  making 
organisations  in  the  UK.  H combines  a bui'ding  conirol 
function  with  far-ranging  insurance  govw  for  more  than 
Ij-m  dwellings,  including  almost  oil  those  now  being 
built  for  sale.  Investment  funds  of  over  £5m  ore  held  and 
annual  turnover  exceeds  this  amount.  The  Council  wishes 
to  appoint  a qualified  accountant  who  will,  in  about 
six  months'  time,  take  over  the  function  of  Financial  . 

Con  frailer  reporting  to  the  Director  General. 

Essential  activities  of  this  position  include:  administration 
of  the  Council's  accounting  and  insurance  broking 
functions,  efficient  cost  control,  ony  ne'e:  sc r ,• 
improvement  to  existing  accounting  system;,  and  the 
management  of  about  SO  staff. 

Candidates,  men  orwomen,  must  be  quetfiea 
accountants,  who  should  hove  previous  e.-peiience  of 
being  in  charge  of  company  accounts  and  some 
knowledge  of  the  insurance  industry.  An  aptitude  for 
mathematics  is  desirable.  The  preferred  age  ranqe 
is  28-35. 

Starting  solary  will  be  around  £5,500  and  vrill  be  reviewed 
on  promotion  to  Financial  Controller.  The  Council  offers 
good  pension  and  life  assurance  cover.  The  offices  are 
opposite  Amersham  tube  station. 

Please  write  or  telephone  for  an  application  form  and  job 
specification,  quoting  ref.  1188; 

M P_  — Anr.e  Knell, 

jBJLft  Bii*<dfer  Hamtyri  Fry  & Co., 

tsFliPJjP  76  Shoe  Lane, 

I London  EC4 A 3JB. 

■ Teh  01-353  5171. 


ACCOUNTANCY 
APPOINTMENTS 
appear  every  Thursday 
Rate  £11. QQ  per  single 
column  centimetre. 


TTh 


FINANCIAL 
CONTROLLER 

Age  25  to  29  West  End 

Circa.  £5,500  -f-  car  allowance 


Currently  turning  over  £3  million,  our  public 
company  client  owns  and  operates  a variety  of 
unique  natural  history  and  tourist  attractions. 
Cash  rich  and  very  profitable,  expansion  is 
occurrin u through  acquisition.- 

Reporting  to  the  Chief  Executive  and  super- 
vising a small  staff,  the  Financial  Controller 
will  be  completely  responsible  for  the  financial 
function.  The  Controller  wilt  further  develop 
systems  and  monitor  the  various  subsidiaries’ 
results  and  business  activities. 

The  Controller  will  deal  with  financial  projects 
including  evaluation  of  potential  acquisitions, 
and  must  be  capable  of  attaining  director  level 
at  a later  stage. 

Aged  25-20,  applicants,  who  should  be  Chartered 
Accountants,  will  have,  up  to  three  years'  post 
qualification  experience  in  either  commerce  or 
the  profession.  Please  telephone  or  write  in 
David  Hogg.  A.CA,  quoting  reference  1/1302. 

EH  A Management  Personnel  Limited 
Bume  House,  88/89  High  Holbom 
London  WC1V  6LR 
01-242  7773 


ffervyn  Hughes  Group 

59  St.  Mary  Axe,  London.  EC3A  8AR  ; ^ 

Management  Recruitment  Consultants  i 


financial  Controller 


01-283  0037 

. (.24  hours) 


to£8£Q0+car 


London 


You  wifi  be  a qualified  Accountant,  aged  30  to  35,  with  a successful 
track  record  incfispulabl&com  to  handle  a demanding 

financial  and  computer  systems  development  rote.  Your  ambition 
is  to  move  forward  into  a medium  sized,  industrial  Public  Company 
where  marketing  philosophy  is  highly  developed  and  where  there 
is  scope  to  impress  your  own  ideas  across  the  spectrum  of  man- 
agement decisions.  The  practical  approach  will  be  your  forte  allied 
to  strength  of  character  and  capacity  to  convince  fellow  executives 
that  you  taTdw.yoUr  job  and  are  deserving  of  their  respect  for  your 
ajmrriercial judgment,  If  the  foregoing  reflects  your  ambition  and 
talent  we  have  .precisely  such  an  opportunity  to  offer,  located  on 
the  northern  outer  reaches  of  London.  Applications  in  confident* 
' to  EC.  Sntith  ref 5721.  - 


Group 
Financial  Controller 
■ 1 10.000 


Total  Financial 

responsibility 

c.£1 5,000 

Our  client  is  a highly  profitable  British  Group  with  assets  of  over  £130m. 
They  provide  sophisticated  technical  services  and  products  internationaiiy  and  their 
success  is  based  on  rapid  reaction  to  changes  in  demand  and  technology. 

An  outstanding  person  oF  main  board  calibre  is  sought  to  be  responsible 
to  the  Managing  Director  for  the  total  financial  role,  including  management 
accounting,  treasury  and  planning  on  a truly  international  level. 

Candidates  should  be  professionally  qualified  and  aged  between  35  and  45. 
They  must  be  able  to  show  substantial  experience  in  financial  control,  financing, 
cash  management,  foreign  currency  problems  and  capiral  investment 
evaluation.  Some  international  background  "is  essential. 

Benefits  include  a company  car  and.  an  excellent  pension  scheme. 

The  position  is  based  in  London. 

Please  apply  in  complete  confidence,  quoting  Ref:  496/FT,  stating  experience, 
present  earnings,  age  and  qualifications  to. 

CB-Ijnnell  Limited 

8 Oxford  Street,  Nottingham 
1 SELECTION  CONSULTANTS 
NOTTINGHAM  : LONDON 


Systems  Accountant/ 
Troubleshooter 


A U.K.  public  company  employing  nearly 
6,000,  covering  several  industries,  wishes  to 
make  this  appointment,  arising  from  internal 
promotion. 

The  company's  growth  derives  from 
internal  expansion  and  acquisition  and  the 
function  involves  working  at  group  and  sub- 
sidiary level  through  the  responsibility  for 
financial  planning  and  control. 

Chartered  Accountants  about  35-40,  with 
a wide  financial  management  experience  in 
industry,  and  perhaps  consultancy  should  find 
this  an  excellent  career  opportunity. 

Salary  up  to  £10,000  or  more,  car  and 
other  benefits.  Full  expenses  paid  on  moving 
to  an  attractive  area  in  the  North  West. 

Please  write  with  full  details  to  Position 
Number  PG  246,  Austin  Knight  Limited. 
35  Peter  Street,  Manchester,  M2  5GD. 

Applications  are  forwarded  to  the  client 
concerned  therefore  companies  in  which  you 
are  not  interested  should  be  listed  in  a 
covering  letter  to  the  Position  Number 
Supervisor. 


Circa  £5,500 


In  the  light  of  continuing  expansion.  Ocean  Inchcape  Li  miied.  require  a qualified 
Accountant  for  the  new  post  of  Systems  Accounrant/Trouble  shooter. 

The  Company  provides  services  on  an  international  basis  to  the  offshore  oil  industry. 
The  new  appointment  will  carry  wide-ranging  responsibilities  including  assistance  to 
self-accounting,  subsidiary  and  associated  Companies  in  setting  up.  improving  and 
monitoring  of  documentation,  accounting  and  financial  control  systems/ procedures. 
Other  tasks  will  include  troubleshooting  assignments  overseas  and  internal  audit 
exercises. 

Responsible  to  the  Group's  Financial  Controller  candidates  should  be  qualified  ACA 
or  ACMA  and  writ  require  the  experience  and  sirengthof  character  to  secureihe 
co-operation  of  fine  management  and  Company  Accountants  in  meeting  objectives. 
Considerable  travel  will  be  involved  both  in  U K.  and  overseas  where  cunent 
operations  embrace  Europe.  West  Africa  and  the  Middle  East.  The  appointment  offers 
a very  interesting  job  opportunity  and  candidates  should 
apply  in  writing  enclosing  a c.v.  to; 


The  Head  of  Personnel. 

OCEAN  INCH  CAPE  LIMITED. 

19  Bevis  Marks,  London  EC3A7BQ 


b 


AK|  ADVERTISING 


fiSii 


99.1  <fj'.  J! 


-1  l rll 

Ft 

Does  your  financial  know-how 
: deseiroe ^ a iirid^  reader  ship  ?■ 

T he  INVESTORS  CHRONICLE 
is  looking  for  an  additional 
■ staff  writer , man  or  woman, 
willing  to  exchange  the  joys 
of  inerchant  banking,  stockbroking 
or  fzmd  management  forthe 
somewhat  different  ternpo  of 
financial  journalism. 


FINANCIAL 

CONTROLLER 

CANADA 

' A multi  national  company  wishes  to  appoint  a 
qualified  accountant  to  assume  responsibility  for  the 
financial  control,  management  accounting,  and 
general  budgetary  information  withtn  one  of  its 
operating  cbmpanies,  located  in  Truro,  Nova  Scotia, 
Canada. 

The  successful  applicant  must  be  able  to 
demonstrate  sound  experience  in  financial  forecasting 
and  budget  preparation.  He  must  be  able  to  manage 
an  accounting  department,,  and  enjoy  working  as  a 
Tnerober  of  a management  team. 

He  will  report  directly  to  the  General  Manager. 
Age  range  2S40  years  with  a minimum  of  5 years 
industrial  experience.  Salary  $C17,0Q0  plus  incentive 
allowances. 

Interviews  will  be  held  in  London  early  in 
. September,  * 

" ; Please  write  Box  A.5676,-  Financial  Times,  10. 
Cannon-  Street,  EC4P  4B Y. 


Taxation 

Specialist 

£5565-£7315  p.a. 

plus  £312  p.a.  Supplementary  Payment 

The  Electricity  Council  is  the  central  co-ordinating  body  for  the 
electricity  supply  industry  in  England  and  Wales. 

Following  promotion,  the  Financial  Department  of  the  Council 
has  an  opportunity  for  a specialist  to  join  a small  team  dealing 
with  taxation  matters  as  they  a fleet  the  electricity  supply 
industry. 

The  Section's  work,  which  is  varied  and  interesting,  includes 
advising  management  on  a wide  range  of  matters  such  as 
Corporation  T ax,  personal  taxation,  VAT,  CTT  and 
Development  Land  Tax.  Regular  contact  with  Electricity 
Boards,  the  Inland  Revenue  and  other  organisations  is  involved. 

You  must  possess  a qualification  in  tax  or  accountancy,  be 
knowledgeable  in  UK  tax  law  and  have  had  practical 
experienceinrtsapplication.  The  post,  which  is  open  to  men 
or  women,  calls  fordependability  and  personal  initiative.  . 

Write  in  confidence,  giving  age,careerto  date  and  present 
salary  quoting  FT/1 02  by  27th  Aug ustlo; — 

Duncan  Ross, 

Recruitment  & Development  Officer, 

Electricity  Council, 

30  Mlllbank,  London  SW1 P 4HD. 


UP  TO  £5.000  PETERBOROUGH 

An  exciting  opportunity  for  a qualified  accountant  to 
join  a marketing  oriented  manufacturing  company 
which  is  expanding  rapidly  following  the  successful 
launch  of  a new  domestic  appliance. 

Reporting  directly  to  the  financial  director,  the 
person  selected  will  be  responsible  for  developing 
the  financial  and  management  information  systems. 
The  career  prospects  for  the  right  person  are  excel- 
lent. Age  25-30,  company  pension  scheme  and 
generous  insurance  benefits. 

Applications  in  writing  giving  relevant  details 
of  career,  qualifications  and  experience  should  be 
sent  to: 

The  Financial  Director,  Sodastream  Ltd. 
21  Wain  man  Rd..  Woodston,  Peterborough. 
PE2  OBS 


A nniQUe  opportunity  exists  for  a 

QUALIFIED  ACCOUNTANT 

with  coromerail  flur  io  manage  a 

SHARE  INVESTMENT  PORTFOLIO 

A public  company  bunl  In  the  City  requires  the  executive  to  maintain, 
under  the  direction  or  the  Maniulne  Director,  a constant  review  of  the 
portfolio.  He.-sbe  should  bi-  able  lo  analyse  and  evaluate  both  technically 
and  commercially  any  in  vestment  opportunity,  ft*  she  will  be  able  to 
negotiate  with  hrofcurs  and  have  » baste  lutowledce  ol  the  5»efc  Market. 
He  sbe  will  be  aeed  2VW  and  tf  successful  ran  expect  to  attain  rapid 
advancement  in  both  responsibility  aoo  benetus-  Rc/sbc  must  be  both 
dependable  and  able  to  telf-mollvaic.  Only  apply  if  A.CA.  or  A.C.C-A. 
or  C.A. 

Please  reply.  nroWdmc  foil  qualift-ation*  and  hus-.nesx  experience  to  dale,  to 
Box  AjPTfc  Financial  Times,  lit.  Csnnon  Street,  EC*P  «Y. 


'Bite - -FiiDmadal'-:Tixne»  TJnu^day  August  19-1976 


GENERAL  APPOINTMENTS 


SALES  MANAGER 


The  Publishing  Departments f the  Business  Enterprise  Division 
of  the  Financial  Times  Ltd  invites  applications  for  the  appoint- 
ment. soon  to  be  vacant,  of  Sales  Manager  (Year  Boohs), 

The  wccessful  applicant  will  probaMy  be  in  his/her  middle 
twenties  and  must  have  experience  in  the  marketing  side  of 
publishing  with  a sound  knowledge  of  direct  mail  marketing 
techniques.  The  Department  publishes  nine  year  books  and 
the  Sales  Manager  will  be  required  to  accept  responsibility  for 
marketing  them  world-wide. 

Salary  will  be  related  to  experience  but  is  likely  to  appear 
attractive  to  anybody  seeking  a move  upwards  after  his/her 
first  few  years  in  publishing. 


Applications  to: 

Charles  Croot, 
Publishing  Director. 
Publishing  Department, 
Business  Enterprises  Division, 
Financial  Times  Ltd., 

10,  Bolt  Court,  London,  E.C.4. 


safety 


& ■ 

Makfenfrodd,  Berks1 1 


Ctitfrol  } 
and  filtration  4«if 


EDITED  BY  ARTHUR  BER1ETT  AND  TED  SCHOETEBS 


MATERIALS 


Synthetic 
pulp  aids 
binding 


SUGAR 

BROKERS 


We  are  based  in  London  and  seek  an  ambitious 
person  who  is  experienced  in  marketing  white 
sugar  within  the  U.K.  Some  overseas  travel  may 
be  necessary.  For  details  please  telephone  Miss 
Hughes  01-709  0221. 


APPOINTMENTS  WANTED 


NEW  CHALLENGE 
SOUGHT 

Young  man.  33.  already  built-up 
own  small  but  varied  Group  of 
Companies,  now  seeks  greater 
challenge — perhaps  In  a larger 
field.  Good  managerial  and 
entrepreneurial  qualifications, 
and  proven  record.  Could  pro- 
vide own  existing  offices  and 
back-up  facilities  if  required. 
W rite  flex  A. 567 2.  Financial  Time). 
10.  Cannon  Street.  EC4P  4BV. 


SMALL  COMPANY 


Bright  Graduate.  28.  with  background 
in  finance  and  company  management 
at  a high  level,  now  comfortably  era- 
moved,  anfci  new  challenge  with 
small,  progressive  rand  progressing* 
industrial  company.  Any  location. 
Interested  arms  shoo  Id  write,  enclos- 
ing curriculum  ntae  and  balance  -sheet, 
to  Bex  A.5678.  Financial  Times.  10. 
Cannon  Street.  EC4P  4BV. 


POLYETHYLENE  fibre  material 
with  properties  lying  between 
polyolefin  fibres  and  natural 
cellulose  (wood)  fibres  has  been 
developed  by  HoechsL  Called 
synthetic  wood  pulp  (SWP),  the 
fibres  are  relatively  short  with 
ah  irregularly  branched  struc- 
ture and  a high  surface  area. 

SWP  fibres  are  hydrophylic, 
which  makes  the  material  suit- 
able for  binding  applications. 
Applications  in  the  building 
industry  include  uses  in  cements 
and  'mortars,  as  a pumping  aid,  ‘ 
and  in  spray  trowelling  com- 
pounds where  the  pulp  aids. 
crack  resistance.  Finished  pro- 
ducts will  take  nails,  and  the 
soft,  flexible  fibres  are  said  to 
give  a smooth-  -finish  after 
sanding. 

A surface  treatment  applied 
to  the  fibres  is  said  to  give  them 
a bonding  capability  which  is 
better  than  glass,  wire  or  other 
staple  fibres. 

■ The  maker  says  the  material 
can  be  used  as  an  asbestos 
replacement  in  plaster,  stucco 
and  mortar  to  give  improved 
plasticity — requiring  only  one- 
third  the  amount  of  SWP  com- 
pared with  asbestos.  Unlike 
asbestos,  SWP  does  not  swell  in 
water,  resulting  in  less  shrink- 
age and  cracking  during  drying. 

There  are  five  grades  of  SWP 
available  with  fibre  lengths  ' 
ranging  from  0.8  to  2 aim. 
Details  rrom  Hoecbst  U.K!, 
Salisbury  Road,  Hounslow, 
Middx.  (01-570  7712). 


DESIGNED  FOR  the  user  of 
"small  computing  • systems  - for 
-storing  the  data  components  a 
••  email  safe  has  been  introduced 
by  Data  Efficiency,  Maxted  Raid, 
May  lands  Avenue,  Heme!  Hemp- 
Stead.  Herts.  {0442  57137).. 

' ■With  internal  fittings  to  amt 
requirements;  the  safe  weighs 
- 1376  ibs,  and  measure*  38  * 37  x 
634  inches  high  It  costs  £L250. 
"Tim  company- claims  it  1*  fire  and 
bomb  proof,  and'has  passed  the 
' two-hour,  explosion;'  - and  drop 
. fasts  of  the  German  VDMA#  and 
■ thte  Swiss*  BMPA  test  centres,  - - 


Lubrication  Systems 


Garage  and  Industrial 

Lubrication 


cfl 


Combustion  Engineerin' 


• -literature 


Centre,  Croydon.  CR9 
(01-686  3710). 

It  includes  sections  on  -b 
houses;  .Jsoilens  and  f 
burners;  controls;  water, 
xosion;  heating  and  hot:  v 
systems,  and  maintenance, 
emphasis  is  on  practical  asj 
such  as  usage  and  energy 
serration  techniques,  rather 
research. 


information 


• TRANSPORT 


COMMODITY  buck-up  staff 
Charterhouse  Appointment*. 
2377. 


Oils  for 

commercial 

vehicles 


A novel  technique  fpr  treating  amputations, 
wounds  and  “dosed”  injuries  where  the  - 
skin  remains  unbroken  is  about  to  be 
introduced  on  a commercial  scale.  Called 
Controlled  Environment  Treatment,  it 
involves  putting' the.  affected  limb  in  a 
plastic  bag  in  whieh  humidity,  temperature 
and  pressure  are  automatically  controlled. 

Among  major -advantages  are  the 
elimination  of  changing  of  dressings, 
■maintenance  of  a sterile  environment,  abiltiy 
to  see  bow  the  limb  is  responding,  and 
improved  control  of  swelling  and  other  post- 
operative or  injury  symptoms  through 
alternating  high /low  pressure  cycles,  which 
stimulates  blood  circulation  and  lymphatic 
return. 

The  Stcrishield  concept  has  been  seven 
years  under  development  and  trials  in  this 
country  and  America.  Tt  is  a brainchild  of 
the  Biomechanical  Research  and  Develop- 
ment unit  attached  to  Queen  Mary's  Hospital, 
Roehampton,  and  originated  from  a study  of 
infection  of  wounds  and  control  of  swelling. 


two  vital  factors  tn  work  concerned  with 
artificial  limbs.  _ _ 

Instead  of  conventional  bandaging  and 
post-operative  treatment  the  limb  is  placed  ' 
in  the  single-use  sterile  bag  daring  the 
recuperative  period,  usually  7-14.  days. 

The  full  range  of  possibilities  for 
Stcrishield  treatment  has  still  to  he  assessed, 
but  some  work  is  in 'progress,  for  instance, 
where  burns  are  concerned,  as  well  as 
reconstructive  plastie  surgery; 

The  treatment  bag  is  made  by  BXL  < 
( Bake  life  Xylonite)  and  in  use  is  connected 
via  a flexible  bose  to  a console  containing 
the  compressor  and  other  equipment.  Room 
air  is  drawn  into  the  console  and  filtered 
with  maximum  efficiency. 

Cape  Engineering,  The  Cape,  Warwick 
CV34  5 DL,  has  been  exclusively  licensed 
to  manufacture  and  sell  the  equipment 
( including  the  treatment  bags  from  BXL), 
by  the  National  Research  Development 
Corporation.  ■ 

PETER  CARTWRIGHT 


DETAILS  of  oyer.  600  research 
projects  currently  ln_  -progress 
litrthe  U.K.  are - given  In  the 
latest  edition  of  the  Register  of 
^Research  on  Machine  Tools,  and 
-Related  -.-Production  : Engineer- 
-lug,  published  by  ^ -Machine 
TTooi  industry  Research  Assoda- 
;tion  (MITRA).  It -is  intended 
: ‘not  only  .to  Inform  research 

- workers  and  industry  of  current 

- work,  but  also  to  promote  trans- 
fer  of  technology  into  industry. 

-improve  liaison  between  Indus- 
try and  academic  institutions 
.-/and  highlight  areas  where  fur- 
ther research-  is.  needed.  The 
["projects'  described  are  being 
: -undertaken  in  some  100  British 
university  research  departments, 
■; polytechnics  and  industrial  re- 
search organisations. -- 
... . Subjects  range  from  proper- 
. ties,  testing  and  treatment  of 
.-.materials,  manufacturing  . pro- 
cesses, design  and  performance 
of  machines,  metrology  .and 
inspection,  -to  production  plan- 
. .iiing  and  control.  -Contributors 
have  been  asked  to  Indicate 
whether  any  results  have  direct 
-J  industrial  interest:  ^ . 

-Copies  are  available  from 
MITRA.  Hulley  Road.  Maccles- 
field. Cheshire,  SK10  3NE  (0625 
25421)  at  £5  (£2.50  to  members). 

■ An  annotated  bibliography  of 
the  more  important  current 
•-.  references  'on  boiler  plants  for1 
domestic,  commercial  and  indus- 
trial use  has  been  published  by 
the  Property- Services  Agency,  of 
the  Department  of  the  Environ- 
ment (Price  £1.50  from  PSA. 
:.Room  Cl  09,  Block  C.  Whitgtft 


• RADIO  & TV 

Will  teach 
basic  radio 


FOURTH  in  the  series  of  1 
kit  tutor  kits  from  Feet 
Instruments  has  been  annou 
this  one  dealing  with  the 
principles  of  commnnicatiftr 
Aimed  at  students  of  all  g 
from  technician  to  graduate 
kit  does  not  necessarily  in 
students  in  complex  experir- 
with  Attendant  mathematic 
less  they  wish  to  continue 
the  appendices . to  tee  nu 
produced  , for  higher  ■■ 
students. 

: Tht  12  modules  supplied- 
the -kit  include  a signal  sc 
amplifier,  detector,  bah 
modulator,  filters,  ring  hi 
tuned  circuits,  crystal  unit,  i 
unit  and  miniature  speake 
-Experiments  can  be  cond 
■on  the  amplitude  modulate 
a carrier  and  its  detectit 
complete  AM  system,  anc 
equivalents  in  FM,  apai 
course  from  tee  fundam 
items  themselves,  for  ext 
tuned  circuits.  Power  suj 
and  assembly  frames  are  nt 
additionally-  More  from.  - 
Road,  Crowborough,  Sussex 
2QR. 


• By  agreement -between 
Financial  Times  and  the  ~- 
infarmatum  from  The  Tecfr' 
Page  is  available  lor  use  bj 
Corporation’s  External  Sa 
as  sOtave  ' material  for  its  \ 
seas  broadcasts. 


CONTRACTS  AND  TENDERS 


SAUDI  ARABIA'S  ENGLISH  LANGUAGE  NEWSPAPER 
GOVERNMENT  TENDERS  PUBLISHED  DAILY 


rtnews 


Subscription: 

U.K.  6 months  £37.50  (inc.  postage) 
Europe  6 months  S.Frs.  2475  ( inc  postage ) 
6/7  GOUGH  SQUARE,  FLEET  STREET,  LONDON,  EC4 
TEL:  01-353  4413  - TELEX:  M9272 
ArfwertlaeaieM  Director:  Dmk  O'Gridy. 


COMPANY  NOTICES 


THE  AFRIKANDER  LEASE  LIMITED 

dncarporitcd  in  the  Rcoubhc  of  South  Africai 
NOTICE  TO  MEMBERS.. 

Annual  General  Meeting 

NOTICE  IS  HEREBY  GIVEN  that  the  Alty-seventh  annual  general  meeting  or 
members  cl  The  Amfcander  Lease  Limited  will  be  held  at  44  Main  Street. 
Johannesburg,  on  Thursday.  23rd  September.  1-976.  at  lOhJIO  for  the  /allowing 
business:— 

1.  To  recel-e  and  consider  the  annual  financial  statements  of  the  company 
lor  the  financial  year  ended  30th  June.  1976. 

2.  To  elcc:  directors  mi  accordance  with  the  provisions  of  the  company's 
articles  cf  association. 

3.  To  ft*  the  remuneration  of  the  auditors  for  the  past  audit. 

A member  entitled  to  attend  and  vote  at  the  meeting  may  appoint  one 
or  more  praties  to  attend,  speak  and,  on  a poll,  vote  h his  stead.  A proxy 
need  not  be  a member  ot  the  company. 

General  Meeting  • . _ 

Notice  is  hereby  given  that  a general  meeting-  Of  members  of  The 
Afrikander  Lease  Limited  will  be  held  at  44  Main  Street.  Johannesburg,  on 
Thursday.  23rd  September,  1976.  at  lOlt.SO  for  the  following  purposes:— 

1.  To  consider  and  if  deemed  DC  to  pass,  vrtth  or  without  modification,  the 
following  resolution  as  a special  resolution: — 

' That  the  authorised  capital  of  the  company  be  and  It  Is  hereby 
increased  from  R1D3SOO.  divided  into  6 175  000  shares  of  2 cents 
rjen.  IO  RI60  000  divided  into  S DOO  000  sham  c!  2 cent®  each, 
b*  me  creation  of  2 SZS  000  shares  of  2 cents  each,  which  shares 
shall,  when  issued  and  credited  as  fully  paid,  rank  pari  passu  with 
the  enisling  Issued  Shares  of  the  company." 

2.  To  consider  and  if  deemed  lit  to  pass,  with  or  without  modification,  the 
following  resolution  as  an  ordinary  resolution:— 

■•Tnat.  subiect  la  the  passing  and  registration  or  the  special  raolo- 
tinn  increasing  the  capital  ol  Ihc  company  from  R 103  500  to 
RIM  000.  tne  directors  be  and  they  are  hereby  authorised' — 
lit  lo  allot  and  issue  all  or  any  portion  of  the  2 KS  000  unissued 
shares  01  a nominal  value  Of  2 cents  each  in  tne  capital  of  Che 
company  at  such  lime  or  times,  to  such  person  or  persons, 
company  or  companies,  and  udqh  such  terms  and  condition,  as 
they  may  determine,  the  aforesaid  authority  to  remain  in  fence 
until  the  ne»!  annual  general  meeting  of  the  company: 

(HI  to  make  arrangements  on  such  terms  and  conditions  as  they 
may  deem  III  for  the  subscription  by  pfidetwriters  of:*— 

«ai  any  shares  In  the  company  offered  by  wav  of  rights  Issues 
but  not  taken  uo  by  the  persons  entitled  thereto:  and 
<bk  any  shares  resulting  from  the  cMiiolfdaUon  of  anv.  fractional 
entitlements  In  respect  of  any  shares  issued  in  pursuance 
of  a rights  Issue,  provided  that  any  such  shares  which  can 
be  sold  on  the  Johannesburg  amfor  London  stock  exchanges 
ar  a net  price  In  eveeu  of  the  Issue  price  may  be  sold  bv 
the  underwriters,  and  any  excess  of  the  net  proceeds  . of 
sale  over  the  issue  price  snail  be  paid  to  the  company. " 

3.  To  consider  and  If  deemed  nr  to  pass,  with  or  without  modification,  the 
following  resolution  as  an  ordinary  resolution.- — 

■■  Thai  the  amount  thaf  the  directors  ore  entitled  to  rate*.  borrow 
or  secure  for  the  puroose  of  the  company  in  terms  of  Article  59 
of  Hie  Articles  of  Association  of  the  company  is  increased  from 
LS50  000  <R  I looaooi  to  RS  DOO  000  tflvu  null  I on  rand}." 

The  reason  for  proposing  the  special  resolution  is  contained  In  the 
directors’  report  wnlch  accompanies  this  notice,  and  thr  effect  of  the 
resolution  is  apparent  from  the  tent  thereof. 

A member  entitled  to  attend  and  vote  at  the  meetfnn  mav  appoint  one 
iv  more  prtnues  to  attend,  weak  and.  on  a poH.  »ota  In  him  stead.  A proxy 
need  not  be  a member  of  the  company.  , „ 

A form  of  prow,  wnlch  sets  out  the  relevant  Instructions  for  Its  completion. 
Is  enclosed  for  tho  use  ol  members  who  wish  to  be  rap  resented  at  the 
meeting. 

The  head  Office  and  United  Kingdom  transfer  registers  and  registers  of 
members  of  the  company  will  be  closed  from  TTth  to  23fo  September.  M7S. 
both  days  inclusive. 


By  order  of  the  Board.  _ „ 

ANGLO  AMERICAN  CORPORATION  OT  SOUTH  AFRICA  LIMITED. 


Secretaries 

per:  J.  E.  Townsend. 

Senior  Divisional  Secretary. 
16th  August.  1976. 


Reglstared  (Meat 
44  Main  Street.  Johannesoorg  2001. 

Postil  Address; 
P.O.  Box  *1597.  MAntiaiitovm  2107. 


EXTENDED  SERVICE  use,  low 
Oil  consumption,  excellent  high- 
arid.  low-teznperature  perform- 
ance, improved  engine  perform- 
ance and  prevention  of  cylinder 
bore  glazing  and  polishing,  are 
among  the  claims  made  for  a 
range  of  automotive  oils  which 
will  be  inti-oduced  by  Burmah- 
Castrol  Industrial  at  the  Com- 
mercial Motor  Show,  Earls  Court, 
September  24  to  October  2. 

To  be  marketed  under  the 
* Deusol  RX  Super  " brand.  namer 
they  are  multi-functional  engine 
oils  stated  to  be  suitable  for  all 
types  of  vehicle  ranging  from 
Detroi-engfned  Hcht  vans  to  the 
heaviest  long-distance  turbo- 
charged diesel  trucks.  They  are 
also  : recommended  for  civil 
engineering  plant  where  more 
than  one  type  of  oil  has  pre- 
viously been  needed  for  normally 
aspirated  and  turbo-charged 
diesel  engines. 

The  new  oils  are  available  in 
monograde  ■ SAE  10.  20,  30  and 
multigrade  SAE  15W/40  viscosity 
.ratings. 

Details  from  the  company's 
Swindon  office  on  0793  30151. 


are  pre-lubricated  and  weather 
proofed. 

During  loading,  final  tension 
ing  of  the  lashings  is  by  Brown 
line  ratchet  buckles  connected 
to  the  pivot  mountings-  Breaking 
strain  of  each  lashing  is 
10.000  lbs.  and  a range  of  end 
fittings  is  available  to  suit  the 
trailer  anchor  points,  including 
snaphooks,  delta  rings;  flat  hooks, 
etc. . „ „ 

Among  the  advantages  claimed 
for  the.  system  is.  protection 
agains  pilferage,  since  tools  are 
required  to  remove  the'  reels 
from  tee  trailer. 


•:  ..s  • ’ l-rf 


for  the  second  quarter  of  1§76  and  the /first  half- 


• ELECTRONICS 


COMBINED  RESULTS  (£  millions) 


-^ESS 


Speeds  the 
board  test 


Second  Quarter 


Half-year 


Combined 


increase 


PUT  on  .the  market  by  MTL 
Microtesting  is  the  FF101A, 
an  in -circuit  component  test  sys- 
tem which  teste  individual  com- 
ponents within  the  circuit  board 
and  supplies  complete  printed 
data  for  economical  circuit 


Automatic 

lashing 

rewind 


FOR  USE  with  flatbed  trailers,  an 
automatic  rewind  lashing  system 
has  been  developed  by  Brown- 
line. T ami  an  Way,  Green  Lane, 
Hounslow,  Middx,  TW4  8BL  <01- 
572  0321),  a U.S. -based  company 
in  the  Brooks  and  Perkins 
Group. 

The  system  comprises  45mm 
wide  polyester  webbing  lashings 
attached  to  heavy  duty  steel  reels 
fined  at  intervals  to  the  under- 
side of  the  trailer.  As  the  lash- 
ings arc  released  daring  unload- 
ing. they  retract  automatically  on 
to  the  reels. 

To  enable  tbe  lashings  to 
follow  the  best  path  for  efficient 
load  restraint,  the  reels  are  fitted, 
on  360  deg  pivoting  mountings — 
as  an  alternative  a fixed  mount- 
ing is  available.  The  reel  hubs 


repair. 

Made  by  Faultfinders,  the 
machine  can  apply  up  to  900 
points  to  boards  having  areas  up 
to  17*  x 251  inches  operating 
from  punched  tape. 

.-  A fixture  applies  contact  points 
to  the  bottom  of  the  board  under 
test  and  a guard  circuit  electric- 
ally Isolates  the  particular  circuit 
under  test  Thus  complete  boards 
can  be  tested  for  shorts,  opens, 
and  reversed  components;  in 
addition  the  value  of  each  com- 
ponent can  be  measured  with 
results  on  a digital  panel  meter. 

Defects  are  identified  by  a 
printer  which  delivers  a diag- 
nostic print-out  identifying  the 
circuit  problem  and  its  location. 
Test  rates  vary  with  board  size 
and  the  number  of  components 
on  the  board,  but  an  FF101A 
with  dual  test  stations  has  tested 
eight  boards/mim 

A dual  cassette  magnetic  tape 
option  with  auto-search  ability 
simplifies  programming  and 
editing  and  is  ideal  for  rapidly 
modifying  the  test  program  in 
the  event  of  engineering  changes. 
More  on  0402  3443. 


1976 

1975 

1,896 

1,697 

857 

712 

1,039 

985 

150.4 

•8Z2. 

(3.4) 

(1.9) 

0.9 

0.5  • 

(7.2) 

(10.4)  : 

1 (9.0) 

(8.1) 

1.8 

(2.3) 

140.7 

70.4 

(66.2) 

(38.5) 

(0-2) 

0.4 

(11.4) 

(5.8) 

(10-7) 

(5.1) 

(0.7) 

(0.7) 

62.9 

26.5 

4.7 

67.6 

26.5 

30.6 

16.1 

37.0 

10.4 

Combined. 
1976  1975 


;v  .Incisal 


12%  SALES  TO  THIRD  PARTIES— Combined 

— Limited 
-HSI.V.  > 


3,722 

-1,672 

2,1350 


3,286 
1,376 
... 1,910? 


„Wiut  tn. 

u 


OPERATING  PROFIT 
Non-recurring  items 
Income  from  trade  investments 
Interest 

Interest  on  loan  capital 
Other  interest 


268.5 

(3.4) 

2.7 
02.5) 
(17.2) 

4.7 


124.1  ; 
• (3.3). 

1.7 

(20.3) 

(15.6) 


» . 


100% 


PROFIT  BEFORE  TAXATION. 

Taxation  on  profit  of  the  year  ' 

Taxation  adjustments  previous  years 
Outside  interests;  and  preference  dividends 
Outside  interests 
Preference  dividends 


- Profit  attributable  to  ordinary  capitals!  rates  of 
137%  exchange  ruling  31/12/1975  . ; 

•Difference  arising  on  recalculation  of 1976 results 
at  end  June  1 976-rates  of  exebange- 


18JZ0p. 


7.27p 


PROFIT  ATTRIBUTABLE  TO  ORDINARY 
155%  CAPITAL  r - r-J 

..  —Limited 

• — N.V. 

1 55%  Earnings  per  25p  of  Capital 


255.3  ' 

10Z2 

(121-1) 

(56.7) 

: (3.1) 

0.6 

(16.8) 

(8.4) 

(15^) 

(6.9) 

(1-5) 

(1-5) 

_,’I14.3 

37.7 

. 9-1 

123.4  ^ 

37.7  , 

54.8 

31 .0 

68.6 

, 6.7- 

33.22p 

10.23p 

uri*  i i 


Miner 


2K-1& 

^ i M.  ^i 


JttTiE 


NOTICE 

10  the  matter  of  Indian  Comer 
“•  Corporation  Limited 

• I Incorporated  In  England  with  liability 

of  Hi  membera  llmfwa> 

• tin  Members*  voluntary  Lfoumatloni 

■ AND 

In  the  matter  of  the  CotnpanlM  Aet.  1M3 
- PlNse  take  notice  that  a General  Meet- 
ing at  the  contributories  of  the  abotenaraed 
Company  will  be  Held  at  Committee  Room 
No.  2 of  Bengal  Chamber  of  Commerce 
ana  Industry.  Royal  EKhang^  6 Netali 
Subhas  Road.  Calcutta — 700001.  or  Fri- 
day the  loth  da*  of  Seotemocr.  1976  at 
11.30  o'clock  in  the  forenoon  to  transact 


SAVE  & PROSPER  JARDINE 
FAR  EASTERN  FUND  SA. 


Sf  hsIuhi  contained  in  the  Notice  or 
e Meeting  being  sent  ta  all  the  Contri- 


butories individually  along  wim  the 
taoianaterv  Statement.  _ 


Explanatory  Statement.  _ 

. G.  D.  KOTHARI.  B.  P.  KHAITAN. 

Liquidators. 

LiguluarofV  Office- 
A-i.  GiiUitder  House. 

Netall  Suonos  Road. 

Calcutta-700001 . 

Oaten  the  3rd  August.  1976. 


■TNE  CONVERTIBLE  BOND  FUND  N.V. 
Incorporated  with  limited  liability  In  tbe 


Netherlands  Anomies 


" SHAREHOLDERS  IN  THE  FUND  ere1 
amuiM  that  payment  of  a dividend  ol 
U.S.  Dollars  0.1  a per  share  has  been 
approved  bv  the  Board  of  Management. 
Tnb  Is  an  interim  otvieend  In  rosgect  ol- 
the  year  ending  31U  December.  1976 
eng  consitteraifon  will  be  Own  to  a final 
givjdMO  at  the  eng  of  tee  ftnenclet  year. 

• Coupon  No  16  on  bearer  shares  urtll 
Be  Mid  on  Bretentafon  at  tho  Offices  of 
Jbe  Paving _ Agents  on  and  after  tbe  23rd 
August;  1 976.  Distribution  cheoucs  will 
w regtsiored  Share* 

.on  that  date, 

” the  Interim  man  o»  tee 
tSSn  30th  Jour 

■Hm.  W1MR  at  the  offices  of 

4?ST* . fffofcers  trpm  whom  shares 

ff^ngD,SSSS?  MM  * ""  01  "•* 

_ By  Order  of 

tiMeae"  8“Td  Bf  ' ' 

191b  August.  1976, 


NOTICE  OF  MEETING 

. Notice  la  hereby  given  that  the  sixth. 
Annual  Ordinary  Meeting  of  mharefcoldcn 
will  be  held  at  Reid  House.  Church  Siren. 
Hamilton  5.  Bermuda,  on  17th  September. 
1976,  at  12  noon,  for  the  toTornng  pop-. 
poses,  namely:— 

1.  To  receive  the  Resorts  of  tne  Direc- 
tor* ana  Auditors  and  the  Statement  of 
Accounts  for  the  year  to  30th  June.  1976. 

2.  To  appoint  auditors  to  bold  ofiieo 
until  their  successor*  are  appointed  at  a 
rate  of  remuneration  to  be  decided  by 
the  Directors. 

l-Te  fix  the  number  of  and  to  Nett 
Directors. 

4.  To  determine  the  remuneration  of 
the  Directors. 

5.  To  transact  anv  other  business  of  an 
Annual  Ordinary  Mooting  of  shareholders. 

By  Order  el  - |h«  Board. 

J.  D.  CAMPBELL.  Secretary. 
Reid  House. 

Church  Street. 

Hamilton  9. 

Bermuda. 


27th  August,  1978. 


The  British  Engineers 


j { | d 

i 1 1 

[r 

i » ] j ( ■ J 

-i  ► J 
1 tl 

As  has  been  our  practice  the  results  for  the  quarter  and  the  half-year  and  the  ajmparatiVs  figures  foM  975  have  been . 
calculated  at  comparable  rates  of  exchange  being  based.on.fl1  =*H.  5.43=US$  2.02.  -which  were  thq  closing  rates  for 
1975.  Profit  attributable  to  ordinary  capital  for  the  current  quarter  end  the  half-year  has  also  been  recalculated  at  the  . 
rates  of  exchange  current  at  the  end  of  June  1 976  being  based  on  £1  =F.  4.86=US$  1 .78.  . , :. ; " ; 


Nearly  everywhere  you  look  in  manufacturing  industry, 

BE  Group  machines,  equipment  and  knowhow  are 
helping  to  cut  production  costs.  From  rivets  and  rivet 
setting  machines  to  parts  feeding  and  assembly  machines, 
net  weighing  and  weigh/count  systems  and  many  other 
automatic  processes.  BE  Group  members  are  specialists 
in  creative  engineering,  design  and  manufacture. . 
Shouldn't  you  know  more  about  it? 


Send today  for 

The  Guide  to  the  BE  Group 


Grow  Head  Office 
BHureatadEn^nfiaring  UlL, 

P.O.  Box  2,  ManttevHlo  Road, 

Aylesbury;  Bucks.  21  SAB. 

Tet  Aylesbury  (0288)  591 1.Tafex 83210, 


NOU:  A mombffr  emitted  to  attend1  and 
rate  at  tfie  Annual  Ordinary  Meeting  » 
erotteo  to  appoint  a pi  lb)  to  aftond  and 
vole  on  fliSi  Mill, 


The  results  for  the  second  quarter  ware  much 
better  than  those  for  the  second  quarter  of 
last  year.  For  the  first  half  year  the  results 
were  well  ahead  of  those  of  the  very 
depressed  corresponding  period  of  1 975. 

Volume  of  safes  in  the  quarter  was  again 
substantially  above  that  of  the 
corresponding  quarter  of  last  year  and 
accounted  for- the  greater  part  of  the  1 2 per 
cent  increase  in  sales  value. 

in  Europe  the  recovery  of  sales  and  profits 
of  ail  the  main  product.groups  continued, 
particularly  for  edible  fats  and  products  for. 
industrial  uses,  which  were  most  adversely 
affected  in  1 975.  The  warm  summer  in  most 
of  Europe  contributed  to  good  ice  cream 
resulte/The  meat  business  in  the  United 
Kingdom  and  the  Netherlands  stil!  operated 
at  a loss.  Dairy  products  showed  an 


improvement.  However,  profit  margins  rq  . 
Europe  have'not  recovered tb  the': levels  ' 
which  were  customary  a few;  years  ago  and 
as  a percentage  of  sales  were  still. not . : 
adequate::  ‘ r:';  :"i--  • 

Profits  in  North  America  were  affected  by  a 
prolonged  strike  in  some  of  Lever  Brothers 
factories : the  dispute  has  now  elided,  in 
the  other  countries  outside-Europe  total 
sales  and  profits  continued  to  deveiop  well, 
. particularly  jfn  our  detergent  businesses. 

UAC  international  remained  very  . - 

successful.- 


The  average  rate  of  taxation  was  b$Iowthe 
exceptio  nally  high  1975  level  and  the  '. 
greater  liqindty  was  reflected  in  interest_  _ 
earned : see  result  profit  attributable  to  - 
ordinary  capita!  rose  more  than  operating 
profit.  ....  . 


THE  GENERAL  ELECTRIC  COMPANY 
LIMITED 


7t4*S  CONVERTTBLE  UNSECURED  loan 
„ . STOCK  1997IB2 

-.U*  Rwlster  -of  siocfthoUMni  of  tbe 
Uoraeorea  Loan  Stock 
1987/92  wftf  be  cfoaed  ffwn  tee  26tn 
JJ976.  fo  the  tSth  Sow  amber. 
1976.  bath  ites  iikIstw. 


SEAL  ROOFS 

Roof  maintenance  or  emergency  repaic^ 
Robseal  can  fix  rtfast  and  guarantee  BS 
itfor  5 years.  Established  15  years.  ^ 


.This  and  future  announcements  of  Unilever  Quarterly  Results  wifl  be  roprintocl  rf^ fMflat  form. 
If  you  wish  to  b&  included  in  the  mailing  list  for  these  leaflets  please  write' to;  * • v'_ 

Information  Division,  Unilever  House,  London  EC4P  4BQ.  ‘ r ' ' y -;  * - - •• 


Bv  Ovffffv  of  the  BUM 

J.  E.  THOMAS.  Secretary. 


Robseal  UdJEastccurt  Avs«EarleB  Reading  flerks.TdiC734  661122. 
Also  in  Knrnigham.fAanchester.  &ist0l,1'Ie,.-/casUq  Bedford  (Sandy) 


r> . : 1 


> i >t  p.,.  i 

v 

r.'r---'* 

'****5  V‘ 


ms 

ion 


U4 


TE  ADVERTISING 


JOHN  JOSUNG,  INTERUNK 
K^-iBRE  "WAS-  a time  wheui  cor- . !°T 

‘ ■ ‘V  . 1 “DtD  . afhlDl^TCYTlH  fin*  ’■  NtVMA.- 


more  & explain 


The  hidden  costs  of  short-time  TV  huyin 


O • © 


BY  TONY  AYERS  AND  GEOFF  BALL1NGTON 


. ;.,;'5isfy  management  tt»n  to  pro-.'  ' 

. •*  a.  clearly defined,  company 

Only  too  often  sucb  cam- 
‘J/’.:.£ns  . svere  in  - fact  expressions 
. the  .way-  individuals  saw 
• - ^ms  elves,  and- -were ’ll  at  xieces- 
*ly  related  to  the  ‘ real  object 
a jj.  * -which  lay  behind  company  & 

9 *A%icy.  .■:y  *■■  ,[L 

\\ *Tiere  were  ttiflftionally  four  -p  • 

\\  iJj . ectives  stated1  for  ^corporate  * 

V impressing  existing  and  future  * 
no.-i  rehotders.  and  the  financial 
'-  UYf’fim unity  at.  large,  that  the 
„ v lApaay- was.  powerful,  progres- 
\ and  increasingly  profitable. 

*.  * • * ; Impressing  . customers  of  tbe 
: -ous  companies  within  a large 
•utilisation  that  they  were 
•.  ;>ig  serviced  by:  a-  company 
'.-:-Vcb  was  backed  by  a large 
'erful,  resourceful  and  well- 
••  T'  wn  group.  . John  Josiing  .. 

.-’ncouraging  recruitment,  par*  ./ 

• ;-,arly  that  of  university  years  the  role  of  profit  has  been 

" \ : Influencing  th.  “te,ra'. 1,8  ^ >“l  ”s  1m* 

VS  ihion  formers”  vsnally  terra  use  an  re-investment,  and 

'ted  as.  beliig  politicians,  therefore  maintenance  of  cm- 
; ■ uaJists,  commentators  etc.  ploymenr,  is  ' not  /understood; 
- oday  corporate’  ’ advertising  indeed  making  .profit  -is  often 
' .•..'■•'-a  much  more  important  role,  seen  as-**  making  profit  at  all 
...  . ;'i  far  deeper  objectives,  and  costs.”  This  is  not  an  extreme 
' - '.  ^ a.  ^ mor®  critic®!  viewpoint,  as  is  proved  by  the 
‘ ' ::-..^eeprl1“®' at,c?°Jp?ny.s  ,t0T:i1  considerable  number  of  com- 

• ^-tnercial  activity  m balance.  panjes  over  recent  years;  which 
-i'.t  not  exaggerating  to  say  that  ^ave  spcnt  large  sums -fD' explain- 

: - 1':  ?.  recent  events  in  where  their  profit  goes,  and 

^ld  politics,  ranging  from  pay-  0f  course  demonstrating  the 
. .id  scandals  to  trading  with  stomal  and  social  r-ote.  played 
...  -tically  unacceptable  coun-  by  tte  proflts  ^ do  make. 

have  severely  affected  whether  we  are  speaking  of 
--•.its  of  companies  in  a -way  years  ago,  of  to-day,  or  of  50 

~.  erto  unimaginable.  years  hence,  the  one  oyer-riding 

- / ’Vday's  corporate  advertising  objective  of  a corporate  exercise 
ictives  are  therefore  signi-  is  to  create  a favourable  climate 
itly  wider.  They  start  with  for  a company  to  work  in  and 
very  justification  of  a com-  make  a reasonable  profit. 

-.y's  existence  in  making  profit,  lit  to-day’s  changed"  conditions. 
6 ■ : . fit  has  never  been  a parti-  this  means  that  m addition  to 
irly  good  word  for  the  com-  the  traditional  aims  .described 
lily  at  large,  but  in  recent  above  one  also,  has  to:. 


r*H 

i*  > S.* 


Saatchi  and  Saatchi  Garland- 
"aipton  has  been  awarded  the 
- Foods  snacks  account  which 
’Vorth  an  estimated1  £500.000. 
division  of  United  Biscuits, 
is  rationalising  its  agencies 
that  nuts  are  bandied  by 
*rs  Gross-  and  crisps  by 
mons  while  new  products  re- 
• in  with  KMP. 

Tbe  peripatetic  Argos  busi- 
i s — taken  on  by  Ted  Bates 
i 7 as  suddenly  resigned  in 
| U — has  been  placed  with 
j Viand  Advertising.  . ,The 
J ul.OOO  account  left  Wasey,  and 
Hes  resigned  it  because  of 
Jssure  from  other  clients. 


• Sarah  Lee.  the  frozen  cake 
side  of  Consolidated  Foods  Cor- 
poration. of  the  U.S.,  which  is 
entering  the  U.K.  market,  has 
appointed  Rupert  Chctwynd  and 
Partners-  The  agency- won  ih* 
business  in  competition  with 
Benton  and  Bowles  and  .Norman 
Craig  Kummel  and  initially  n 
will  be  on  a fee  basis.-. 

• . Taking  the  - view  that  the 
grocery  market  is  static  Heinz 
has  decided  to  pull- all  its.  brand 

.promotional  -budgets  together 
and  run  a major  fund  raising 
exercise  for  National  Children's 
Home  Organisation.  Labels -will 
be  put  in  collecting  boxes  and 


• explain  the  very  role  of  profit. 

• justify  the  profit  the  company 
is  making.  - . 

• show  that  it  is  socially  re- 
sponsible both  in  tbe  products 
it  makes  and  in  Its  ’ general 
behaviour. 

• show  that  it  provides  financial 
benefit  for  the -country  in  which 
it  is  operating. 

• demonstrate  to  its  employees 
that  it  -js  conducting  its  affairs 
responsibly  both,  without  and 
within  tbe  company. 

demonstrate,  its  care -with  the 
environment,  both  -in  terms  of 
non-pollution  and  -of  non-destruc- 
tion of  national  assets. 

• prove  that  its  workforce  is 
cared  for  and  is  not  exposed  to 
dangerous  employment. 

• show  that  its  trading  success 
is  not  linked  to  politically  un- 
acceptable parts  of  the  world. 

• from  time  to  time  help  the 
swing  of  the  political  pendulum 
in  a way  which  will  help  the 
company. 

• inform  the  media. 

Many  companies  have  felt  that 
they  could  cope  with  these  rather 
intangible  objectives  by  means  of 
a continuing  PR  exercise.  Un- 
fortunately PR  cun  sometimes 
rebound  in  a way  not  intended. 
The  value  of  a corporate  advertis- 
ing campaign  is  that  it  enables 
the  advertiser  to  project  a con- 
trolled message  in  a controlled 
and  continuing  way,  timing  and 
content  influenced  by  the 
advertiser  and  not  by  a number 
of  possibly  unfriendly  commenta- 
tors. This  is  not  to  say  that 
advertising  is  a substitute  for 
good  public  relations:  it  can  how- 
ever be  used  as  a continuing 
instrument,  and  can  • build  up 
resources  of  public  good  will 
against  a time  when  there  might 
be-  an  assault  arising  from  un- 
favourable news  items.  It  is  true 
to  say  that  politicians  and  com- 
panies with  sound  reputations 
suffer  less  severely  in  adverse 
conditions  than  those  whose 
reputations  are  already  suspect! 

the  sum  involved  is  £100.000. 
Over  100m.  labels  will  carry'  the 
message  and  Press  ads.  will  keep 
people  informed.  Brand  adver- 
tising budgets  are  not  affected. 

• Among  those  who  have  agreed 
to  speak  at  the  Marketing 
Society  annual  conference — 
Royal  Feslival  Hall.  London. 
November  23— are  Terry  Burns, 
senior  lecturer  at  the  London 
Business  School.  J.  Fry.  chair- 
man Unigate  Foods.  Ken  Hop- 
kins- sales  and  marketing  direc- 
tor British  Leyland  and  Ronnie 
Halstead,  chairman  Beecharu 
Products- 


— 

i 

•«r.J 

1 

j*3« 

J 

r 

u 

INDEX  W COST  ■ 
JmB7H00 

1976 

1975 


ADVERTISERS  HAVE  been  ■■  ■ ■ - ■ . . . ■ ■■ 

E?  laJr  HETW0R5C  (London-Anglia)  HOUSEWIVES  COST/’OOO 

advertising  on  TV:  the  combina-  " COST  RATING  INDEX  1975  and  1976 

tion  of  rising  demand  for  air-  350  ■ - 

time,  reduced  audiences,  and  a i ■, 

continuing  upward  movement  of  ~’--i  I 

rate  card  prices  has  produced  < i i 

some  dramatic  readjustments  in  t 1 ! 

value  for  money.  . | | j 

That  these  changes  are  indeed  I oQO  - f"  I [““T  _ 

real  is  borne  out  by  analysis  of  J ! * I I 

Media  Aiidiis'  Cost  Rating  Index.  - j ( i j 1 

This  compiles  data  on  the  price  i*3®*!  1 1 i 

actually  paid  for  TV  by  major  i I - I j 

advertisers  and  thus  makes  it  J I 1 1 I—,  | 

possible  to  . evaluate  tbe  true  |«J  1 J 

cost  increase  in  the  TV  market  150  - J*  I — ’“J  — 

place  over  the  past  year,  based  I _ 

on  a £30  m.  annual  sample.  ] ■ * index  of  cost* 

Tbe  sort  of  increase  tFig.  11  I*2*”  JmB75-ioo 

in  the  cost  of  what  is.  for  many  ■ J “ — 1976 

advertisers,  a basic  raw  material  1975 

in  marketing  leads  naturally  to  jnni  

a re-exam  ina.ti  on  of  the  way  in  M a __  . ,.enMn 

which  the  medium  is  used,  so  as  MrRIAindaASUliD 

to  offset  higher  costs  against  j 

wa y6 B wh ich^be tti» p^vi  i a v ferent  a^ncies.  all  of  which  The  considerable  variation  in 

be  obtained  ^ budgetTls  ^second  nuSSr  jSS  WSt  *erfon““<*  is  » «* 

by  committing  money  as  early  'nus  compa?S??  ^rovides  pected  in  the  circumstance&“ 

as  possible.  “ Approval  to  book,"  'evidenee  of  the  penal-  c,ear,y  buyers- have  little  oppor- 

given  to  airtime  buyers  late  aS™i  and  coil  lunity  10  ^pror*  schedules  of 

early  date,  jel early .-hefps  both  v.”  jJ.  ^ Sti^dvin Sees  £ Ulis  sort'  and  an  elcmont  oE  ^ 
buyer  and  seller  to  organise  Gained  hi^Srta-  SS  lu£k  is  invoIved-  Broadly,  these 

efficiently.  ffWJE  nV£2!- 

but  hitherto  it  has  not  been  schedules.  ft”  fJJ ftbfr 

precision  V'hSS'benrtJl- M-  rl*"P  1 biSbli=i>1"  '»e  ..f  '"t 

preci.ion  just  how  beneficial  is  cost  of  shorl-noiice  campaigns,  must  !)»■'  mphasised  that  while 

Sj,r'SZS“iih.  S The  braces  concerned,  drccrcd  igSS  StaU  " ! 

However,  the  wide  toward  either  housewife  or  acini!  specific  set  i.f  circumstances  and 
range  of  advertising  experience  audiences,  hare  each  been  rum-  it  should  not  be  inferred"’  that 
contained  within  the  CRI  enables  pared  in  cost-per-tbous.ind  terms  current  “late"  eampai°Tj<!  would 
us  to  compare  the  performance  with  the  relevant  CRI  norm-  fur  -suffer  ac  much.  urPas*littie?  as 

SepIrateVan^.  bough^by  Si  Snceraed!"'  StaUOn'  aai  pPnwl  SirlSl.  “SlSf. 

. . . and  other  increases 


FOUR  LATE-COMMITTED  BRANDS  COMPARED  WITH  THE 
COST/RATING  INDEX 

Brand:  12  3 4 

Station  : A 125  113  134  121 


A 

125 

113 

134 

121 

B 

112 

. 124 

— 

105 

C 

138 

146  - 

121 

108 

D 

106 

109 

110 

119 

( Cost-per-thousond  achieved  by  each  brand  indexed  on  tbe  CRI 
coil-per-ihousand  norm  for  l he  audience,  station,  and  period  in 
question.) 

THE  LATER  THE  WORSE!  THREE  BRANDS  COMPARED: 


Station  : 


(Cost-per-thousand  ochieved  by  brands  2 and  3 
related  to  cost-per-thousond  achieved  by  Brand  1-  J 

Coeyriffit;  C Mrdia  Audits  Ltd.  197 4. 


Brand: 

7 

(6wks.) 

2 

(2  wks.) 

3 

(1  wk.) 

A 

100 

119 

141 

B 

100 

107 

194 

C 

100 

132 

172 

D 

100 

120 

110 

E 

100 

99 

110 

stances  change  continually. 
During  the  period  under  con- 
sideration, we  have  observed 
costs  as  much  as  doubled  by  late 
commitment  on  some  stations. 

Of  course,  campaigns  are 
booked  late  in  many  cases  for 
good  reason,  and  advertisers  may 
often  have  simply  to  grin  and 
bear  the  reduced  return  on  their 
expenditures.  It  is  important, 
hovever.  that  the  effects  are 
quantified  as  far  as  possible — 
measurement  being  tbe  pre- 
cursor of  control.  It  is  also 
important  that  hooking  decisions 
are  delayed  nut  a day  longer 
than  is  absolutely  necessary,  for 
even  small  increases  in  the  lime 
within  which  a campaign  must  be 


booked  can  enable  buyers  to 
improve  significantly  the  resul- 
tant value. 

Again,  no  generalisations 
should  be  inferred  from  figure 
3.  The  overall  advantage,  how- 
ever. enjoyed  by  brand  (2i  over 
brand  (3)  is  very  clear.  While 
commitment  period  is  certainly 
not  the  only  factor  relevant  to 
tbe  performance  of  these  brands, 
it  is  bard  to  avoid  the  conclusion 
that,  had  brand  3‘s  buyer  been 
given  an  extra  few  days  lie  might 
have  been  able  to  get  as  much  as 
one  quarter  mare  audience  for 
the  budget.  At  times  like  these 
that’s  not  to  be  sneezed  at. 

The  authors  are  directors  o/ 
Media  Audits. 


ANNUAL  CHANGES  IN  MAIN  COST  INDICES  1970-1976 
(as  at  October  of  each  year) 


BY  PAMELA  JUDGE 

WHILE  MEDIA  Audits  shows 
what  has  happened  to  some 
major  advertisers’  buying,  The 
Media  Department  is  -projecting 
some  fairly  solid  increases  is  the 
main  cost  indices. 

Taking  the  general  level  of  in- 
flation between  last  October  and 
this  to  he  around  15  per  cenL. 
The  Media  Department  expects 
the  cost  per  1.000  circulation  or 
the  main  Press  groups  to  be 
roughly  in  line  or  only  slightly 
above  that  figure.  For  the  same 
period  the  TV  cpt  increase  is  put 
at  41  per  cent.  In  a study  called 
"Media  cost  inflation  in  1976" 
MD  observes  that  over  the  last 
six  years  Press  cpt  costs  have 
risen  less  than  the  .general  level 
of  inflation  while  TV  has  sub- 
stantially exceeded  it. 

Another  factor  to  be  con- 
sidered in  the  estimates  of  TV 


costs  this  autumn  is  "The  com- 
bined effect  of  prewire  Of 
demand  the  deliberate  hardening 
of  rates  by  the  contractors.  In 
the  first  half  of  this  year  TV 
rates  were  on  averag'  19  per 
cent,  higher  than  m the  corre- 
sponding period  of  1P75  hill  ITV 
revenue  wav  40  per  cent,  higher. 
Excluding  May  un  abnormal 
month  in  1975  due  to  the  tech- 
nicians’ strike)  the  revenue  in- 
crease was  still  35  per  cent. 
After  discounting  raip  increases 
there  is  si  ill  an  inflationary  ele- 
ment of  13  per  cent,  in  this  in- 
crease due  Lo  the  hardening  of 
the  market" 

The  report  concludes  hy  illus- 
trating—in  terms  of  actual  ad- 
vertising budgets— how  mueh  an 
advertiser  w’ould  need  to  spend 
in  order  to  reproduce  the  effect 
of  spending  £250,000  in  1970; 


for  T'-  r h '•?  year  it  would  he 
£735.oou.  TV  (80  per  rent)  com- 
biner! with  women's  magazines 
(20  per  cent. j the  sum  would  be 
£69(1.000.  in  « omen's  weekly 
majisftnvs  £505.000.  in  national 
nw.vij.perv  £475.000  and  in  gen- 
CT-!  intrrc.vi  magazines  £395.000. 

(irev  Advertising  loo  Inins  the 
eho-ii-  :>sa<nsi  rh*  rmtractnrs  in 
M“<b:i  Wv.  -.  un  orcctinnal  bulle- 
tin fur  its  cli-"nis.  The  agency 
ascribe*  ihe  drop  in  audience 
lend  in  'he  failure  oi  ITV  euni- 
panie-  lu  introduce  any  new  nr 
excitin'.1  progr-inim?  idea*  in  the 
scheilii’i-*.  .-nd  nerscvTi-nce  with 
the  *aine  j ided,  formula." 

Thr  rnri*>r’  gr.es  .in  td  say  ••  a*: 
thflr  own  c«  --»s  have  incri-mpd 
contractors  have  insisted  that 
lh<?v  have  had  a reasonable  case 
to  increase  their  rates.  Certainly 
agencies  would  accept  that  TV 


1970=100 

71 

72 

73 

74 

75 

76  as  % 
76  of  75 

Retail  Price  Index 

109 

1 IB 

130 

152 

191 

(projected) 

0/ 

220  -t-?5 

TV 

113 

157 

181 

168 

208 

294  -i-41 

National  newspapers 

104 

109 

117 

135 

165 

190  +15 

Selected  general  interest 
magazines  (colour) 

105 

101 

103 

116 

134 

157  +17 

Selected  women's  interest 
magazines  (colour) 

110 

112 

121 

135 

171 

201  +18 

rates  should  be  able  to  absorb 
a potential  revenue  so  that  the 
unhealthy  prospect  of  airtime 
rationing  can  be  averted  ” but 
me  agency  believes  that  the  cost 
should  be  dictated  strictly  by 
market  demand  so  that  the  price 
"is  not  artificially  contrived." 

The  first  six  months  of  1976 
caused  a “veritable  plethora” 
of  new  rate  cards— an  unprece- 
dented number  in  such  a short 
time.  While  we  may  be  able  to 
accept  such  increases,  since  they 


have  been  heralded  as  probably 
the  last  for  the  next  18  months, 
the  manner  in  which  they  have 
heen  contrived  and  the  way  they 
ha*'e  been  presented  leaves  a 
great  deal  to  be  desired." 

Modest  increases — usually  10 
per  cent. — have  been  claimed  for 
new  rate  cards  " But  many  have 
excluded  their  previous  regulator 
or  discount  rates  and  have  also 
introduced  pre-empt  levels  at  a 
premium  of  up  to  30  per  cent, 
over  basic  rates." 


* 


BUSINESS  AND  INVESTMENT  OPPORTUNITIES 

EADERS  ARE  RECOMMENDED  TO  TAKE  APPROPRIATE  PROFESSIONAL  ADVtC E BEFORE  ENTERING  INTO  COMMITMENTS 


Distributing  Opportunity 

-Ve  are  offering  to  suitable  Companies  a lucrative  oppor- 
tunity to  act  as  one  of  our  DISTRIBUTORS  in  the  U.K. 
citing  a unique  floor  cleaning  machine  using  the  principle 
•f  High  Pressure  Writer  and  High  Vacuum  combined.  (.See 
technical' Page  F.T.; June  8.) 
his  machine  British  Made. is  a.  World  First 
■Ve  offer  High  realistic  Discount' 

it  Constant  advertising  & P-R.  Back  up. 

it  Sales  &- Engineer  training  free. 

★ Complete  Territorial  Integrity, 

^ ic  Fully  protected  Contract 

Contact  J.  M.  Bartlett 
' JETTO  SALES  LTD.. 

^ J allots  House,  Beech  Lane,  'Wood rote.  Nr.  Heading- 
(0491)  681633.  " ' 


PARTNER  WITH  £150,000 

required  to  join  Consortium  in  purchase  of 
EXTERNAL  BANK 
with  assets  of  £20,000,000 
Contact: 

FARMFUND  SECURITIES  LIMITED, 

Stoke  Edith,  Hereford  HR1  4HG. 

Tek  Tajrington  1043279)  'JSS. 

Telex:  35367  (FarmFtindHerefd). 


WHISKY  FOR  EXPORT 

We  have  large  quantities  of  cased  Scotch  for  sale. . Each 
case  contains  32  x 75  cl.  square  white  flint  bottles. 
STANDARD — 4 years  old  43  degrees  g.l. 

Orders  of: — 250-1,000  cases  3.70  pounds  sterling  per  case 

1 .001- 5,000  3.60  pounds  sterling  per  case 

5.001  and  over  3.30  pounds  sterling  per  case 
DELUXE — 5 years  old  43  degrees  g.L 

Orders  of: — 230-1,000  4.10  pounds  sterling  per  case 

1.001- 5.000  4.00  pounds  sterling  per  case 

5.001  and  over  3.90  pounds  sterling  per  case 

Please  apply  with  name  of  bankers  to  Box  E.8499.  Financial 
Times,  10,  Cannon  Street,  EC4P  4BY. 


QUALITY  TIE 


:^.^ditJonar  provincial  -produc- 

■ - 

.nit  is- required  wfth;*^ ww 
. ^ isibie  takeover  or. ’.merger. 

Box  £.3518,  ■_  Financial  , 

10,  Cannon- . Street, 

. - 

- 4BY. 

^^'ELOPMENT  FINANCE-  1 ! 

able  lor  new  produces:: /tow 
v-  onnnt)  widi  export  poumril. 

_ --^.lenr  would  be  on  an  equ.cy 
Mirkecing  and  adminiuutlon 
;.:ontrlbuied.  InKruied  perties 
- within  i 40-mile  radius.,  of 
urnemouth  pleue  wntc 
‘ £-8504.  FlnoncM  Times,  . 
■Cannon  Street.  EC4P  4BY.  ' 

required 

CAPITAL  LOSSES 

Company,  with  agreed  Capital 
Gains  Tax  losses  in  the  reigon  of 
£500,000.  Write,  with  full  details, 
to  Box  E.85I7,  Financial  Times, 
Iff. -Cannon  Street,  EC4P  4BY. 


: FINANCE 
AVAILABLE 

Confirming  House  has  substan- 
tial funds  available  for  finance 
of  import  and  export  business. 
Write  box.  E.BSli. . Financial  Time*. 
tO.  Cannon  Street.  EC4P  4BY. 


ISLE  OF  MAN 

OFFSHORE  TAX  SAFEGUARD 

Grasa  ih*  eeuortiHiitk!*  ft*  a low  •»; 
area.  We  s«rciaJ«e  in  the  formation  at 

LOmpames  including  nominee  trUDill- 
merits.  SMreurtal  services-'  - B.en=_r*l 
agency  work,  fcfric  e"d  generaf  con- 
sultancy Including  commercial  loan 
placements. 

Foil  details  from  j.  C.  Brown,  *■*-£- 
BROWN  BROTHERS.  11  Athol  Street. 
Douglas.  Isle  oi  Man.  Telephone  OB2« 


MADE  £80  ' 
iMPANY  SEARCHES 

CO.  REGISTRATION  LTD., 
3;  City  Dud.  E.C.I- 
•2S  S434(5/r36i  19936.  - 

rate  TYPEWRITERS.  Factory 
me*  amt  warrant**  by-  IBM. 
<«  ia  ia  Utc..  L*ue-'J.'<c<n 
5 v>  «•*!«.  Rent — tram  ut 
'h.  fikim  Veno*  gi-S4l  Z3GS. 


For-  sale  tn  Northern  England— small 
pnvau  Hotted  company.  H*aWiy 
profits,  no  HdokHtjr  or  labour  problem*. 
■■■  ’ Fair  price  required. 

Write  Bax  E.B497.  Financial  Timer,  ' 
10.  Cannot,  Strcrt.  EC4P  4BY.  . 


CONTROLLING  - shareboMloB - Ol;  light 
engineering  ancr  apctJallK  stock  Holding 
company  Msea  Ip  .doCtland  tor  Ute 
Caonal  reqnlrea  .£30.000  tindade* 
■ leant.  Iiwuirtea  ig  Bok  No.  E B50S, 
] Times.  . 10;  Caiman  Street. 


INVESTMENT  TRUST 

Interested  in  purchasing  medium  to  large  minority  stake  in  quoted 
Investment  Trust  with  net  asset  value  of  £400.000  to  £2,500,000 
Managment  control  must  be  available.  Advertiser  will  pay  cash  and 
is  interested  in  a speedy  arrangement. 

All  replies  will  be  attended  in  strictest  confidence  by  Chairman 
personally  bue  should  be  answered  by  Principals  only,  stating  at 
least  percentage  of  holding,  net  assets  of  i rust. 

Please  reply  to  The  Chairman. 

Box  E.8516.  Financial  Times,  10.  Cannon  Street.  EC4P  4BY. 


The  Financial  Times  is  planning  to  publish  a major  survey  on  the  Advertising  and 
Marketing  Industry  on  Tuesday.  21st  September  1976.  This  survey  will  be  taking  the 
opportunity  to  examine  the  many  different  facets  of  the  whole  field  of  Advertising 
and  Marketing  within  one  comprehensive  survey. 

The  proposed  survey,  which  will  be  edited  by  Antony  Tftorneroft,  our  Marketing 
Editor,  will  include  specific  coverage  of  the  following  sections: 


AUSTRALIA 

MELBOURNE 

beat  inflation 

: Exctllrul  new  1 and  2 bed.  garden 
jparjnn-’Dis  in  prcsusioux  residential 
developments  2.5  km  C.  P.C». 

Net  return  6 5’ , . p a.  on  capital  Plus 
japital  appreciation. 

Send  for  leaflet 
Inge  Bros.  Pur.  Ltd. 

MB  High  Street, 

Kew,  Vic.  SO. 

Australia. 


DUSSELDORF 

Enter  the  German  Market  it  only  * 
fraction  'of  what  you  would  normally 
pay  setting  up  your  own  operaron. 
Facilities  include:  , 

SECRETARIAL]  French  and  German 
translation  temicos. 

POSTAL  TELEPHONE  AND  TELEX 

services. 

Full  advice  based  on  Sritish  tomp.ny’s 
experience  in  company  formation. 

Legal.  Notary.  Taxation  and  Account- 
ancy contacts  available. 

Modern  wet  I -appointed  Sales  Offices. 
Please  reply: 

I.E.C. 

Vulcan  House.  Orchard  Road. 
Lytbaip  St.  Annea,  Lancashire  FT*g  IPF 


Private  Investor  Required 
■Client- Company  wishes  to  take  advan- 
' Cage  of  current  opportunities  For  high 
class,  letting  to  overseas  visitors  and 
seeks  Private  Investors  in  unics  of  up 
m £50.000.  fully,  secured,  for  periods 
of  up  co  5 years,  to  show  X goad 
: return  on  capital  invested. 

Replies.  Principals  only,  lor 
; Graham  Wilson  S Co..  Sol.citon, 
25/17  Oxford  Street.  London,  W1R 
1RF.  1 01-439  7991. » 


£»StO$’S 

Wanted;  Acreage  Investments  in  Eng. 
‘land  or  Scotland.  Will  exchange  1 60 
per  cent,  share  capital  in  tax-free 


assets  (USA  land  and  mortgages). 
£12,000  p.a.  accumulating  off-shore 
with  7 to  13  years  remaining. 
UNITED  FELLOWSHIP  FOUNDATION 
243  Regent  St.  London  Wl.  U.K. 
(Ol)  408  1611 


MEN  SWEAR  SHOPS 
REQUIRED 

Menrwtar  retailers  seek  expansion  by 
acquisition  of  additional  units  prefer- 
ably with  existing  management. 
Location  Midlrndi  and  Eastern  Counties. 
Write  Sor  E.BS10.  Financial  Times, 
10.  Cannon  Street.  CC4P  -487. 


MONEY  SOURCES  AVAILABLE  £250.000- 
£2 .500.000  Write  The  Merchant 
Broken  EvchanB*.  S6.  Win  more  Street. 
London.  W.l. 


General  Review 
Press 

Overseas  Media 
Commercial  Television 
Commercial  Radio 
Outdoor  Publicity 
Cinema 

Incentive  Marketing 


Direct  Mail 
Advertising  Agencies 
Public  Relations 
Industrial  Marketing 
Market  Research 
Design 

Advertising  Controls 
Other  Marketing  Services 


PLANT  AND 
MACHINERY 


j .lean*.  Inouirta  rg  Box  No.  E-bsqs, 
Financial  Times.  . io,  caiman  siren. 
eC4f»  *BY.  . 

SOLICITOR  flrinO-te  ’DuMl  'mld'Sebtember 
. tor  several  weeks  wishes  1*>  nooqfaqtg 
v..  'contracts  ..or  uHoKkr.  •.  commercur 
assignments  Cdl  OI-TSS  3896  or 
write  Box  -CiflSiS  .FlnabcihJ  Times,  1ft 
Cannon  Street.  EC4P  43Y.  ;■ 


DROUGHT  ? 

Specialists  in  Industrial  Cooling 
and  Water  Conservation., 
STRUTT  (A1R>  LTD. 

_ Engineers  & Consultant* 

123  Bruton  Street  . . 

: • London  W1X  BHQ 

,01-493  0192/6245  || 

EXPERIENCCD  INTERNATIONAL  Quail-  I 
. «cd . AcwunWnt  available  lor.  .special  ] 
asignmenls.  Phone  Paris  406  2«5S.  I 
LONDON  BASED  director  required  having  i 
WHlmtf  in  business  man  torment  can.  , 
'■  sdirancv  and  capifaf.  - Curriculum  vitae  1 
In  Bex  C.5J94.  Financial  Times.  10. 
Cannon  Street.  EC4P  4BY. . 


FOR  SALE 

Limited  quantity  of  new 
unused  Ford  diesel  engined 
generating  sets.  25 KVA 
380/415 V,  electric  start,  panel, 
Instrumentation  etc. 

Very  attractive  prices. 

Write  Box  E.8490, 

Financial  Times. 

IQ  Cannon  Street,  EC4P  4BY. 


A leaflet  containing  more  details  on  these  sections  is  available  for  all  those  who  may 
be  interested  in  this  important  survey.  If  you  would  like  to  receive  this  leaflet  or 
know  details  of  advertising  costs  or  merchandising  facilities  available,  please  contact 
Suzanne  Ralph  by  letter  or  telephone  (01-248  8000  extension  201)  or  contact  your 
Financial  Times  representative. 

Remember  - Tuesday,  21st  September  1S76 
A DATE  NOT  TO  FORGET 


12 

THE  FINANCIAL  TIMES 

awWiriW 

Incorporating  THE  FINANCIAL  .NEWS 

fEnoMstaUSWi 

Head  Office  Editorial  * Advertisement  Offices r 1 
BRACKEN  HOUSE,  CANNON  STREET.  LONDON  EC4P  4BV 
Telephone  Day  & Night:  01-248  8000.  Telegrams:  Finantiioo,  London - 
_ Teles:  880341/2.  *83897  " . 

For  Share  Index  and  Business  News  Summary  Ring:  01-246  8026 


• The  Financial  Times  T&uisday  August  19- 1976  > 


* C(tt»  Rwk,  CntM  RsXl  Bnmh:  .W  Knr  Dotal. ii^or 

02I-4M  WU  RW!  Vl»  *IU  Vluirii  5S  ....  n J11S 

DoMb:  I FIUWlIUui  Sfl.  7UJSI  SMck&olBl  RaabraUmrntea  T.  105  IT 

Edlotank : IS  Ilamver  si.  ..  0J1-124  4i»  Ts| 

How.  TTm  UtaSrow  Yotfc  : "5  Rort-frte  Rm-  NY  1HU 

■XU  4349**  EdUnfbl— *11  Ml  MIS 

Owns-  Ham*.  Oactn  6u  Bmdma— us  4S9  IMOO 

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tat* : 33  Dm  da  State  I36JBJW  MHattil  N-W-  Uattam  D.C. 

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2115*4  corner:  FrtMM  u4  Harrium  Boom. 

FoHdtfut  am  Mil*.  • „ P-O.  SM  !IM 

Im  SMtoralw  M T-fcr- : Stt  I'faor.jvrhoc  Kctai  SUmbim 
JM73*  (cdllmtoU  WMbw.  144  Ow JO. 

S 54467  IMniamS)  ■ CbfywdmltB.  Teh  241  IKS 


THURSDAY,  AUGUST  19, 1976 


No  rush  to 
equality 


NOW  that  the  principle  of  equal  that  the  cost  of  providing 
pay  for  women  is  enshrined  in  State  pension  for  men  at  60 
law,  it  would  seem  at  first  sight  would  be  too  high  and  that  to 
reasonable  to  move  on  towards  raise  the  pension  age  for  women 
equal  rights  for  women  in  re-  to  65  would  be  widely  regarded 
lated  fields — notably  equal  pen-  as  unfair.  The  discrepancies 
sion  rights.  The  Soda!  Security  inherent  in  the  State  scheme 
Pensions  Act  of  last  year  does,  are  hot  likely  to  be  removed 
in  fact,  require  those  employers  in  the  early  future,  therefore 
who  operate  occupational  pen-  and  the  Board  feels  unable  to 
sion  schemes  to  offer  women,  in  recommend  the  statutory  re 
two  years'  time,  the  same  right  moral  of  these  discrepancies  in 
of  access  to  their  schemes  as  the  case  of  occupational 
men.  For  a variety  of  reasons  schemes, 
however,  this  is  likely  in  prac-  its  legislative  proposals,  in 
tice  to  mean  something  con-  deed,  are  important  from  the 
siderably  less  than  full  equality  point  of  view  of  principle  but 
of  pension  rights  between  men  \yjjj  have  only  a limited  prac- 
and  women.  The  Occupational  tical  effect  if  they  are  adopted 
Pensions  Board,  set  up  to  super-  by  the  Government.  The  most 
vise  the  occupational  pension  interesting  of  these  proposals 
schemes  Which  are  contracted  moreover  — that  the  Courts 
out  of  the  State  scheme,  was  should  have  power  to  order  that 
therefore  asked  by  Mrs.  Barbara  part  or  the  whole  of  an  accruing 
Castle  at  the  beginning  of  last  pension  should  be  paid  to  a 
year  to  consider  what  steps  were  divorced  or  separated  spouse — 
necessary,  by  way  of  legislation  may  run  into  difficulty.  The 
or  otherwise,  to  implement  the  others — to  strengthen  the  right 
principle  of  equality  of  status  0f  equal  access,  to  provide  more 
for  men  and  women  in  pension  information  to  members'  depen 
schemes.  dants  as  well  as  to  members. 

The  Board  has  wisely  chosen  and  to  allow  for  more  generous 
to  begin  its  report  with  a pre-  pension  cover  during  maternity 
face  in  which  it  points  out,  leave — seem  generally  desirable 
among  other  things,  that  it  was 
not  asked  to  consider  whether  Flexibility 
equality  of  status  was  desirable;  rj,ror, 

RfR 


ferences  in  the  treatment  of 


important 


recommendations 


» and  women  were  not  prac  ‘ah^'.th 
,:mi.  ...i  . . about  gDod  practice  which 

SogrS  k,  the  Sh0U,d  be  ad°Pled  by  Scheme* 
progress  in  the  which  lack  these  features  ^ 

resources 


immediate 


desired  direction  is  the  pattern  ^ and 


liSei isfe-  - d': 

State  scheme  ic  a^ows  employers  to  proceed 

at  their  own  pace  when  changes 
The  main  obstacle  in  the  way  in  pension  requirements  are 
of  progress  towards  the  goal  set  already  providing  them  with  a 
before  the  Board  is  the  fact  that  great  deal  of  work  and  the  pace 
most  occupational  schemes  are  of  inflation  is  undermining  the 
modelled  in  certain  vital  re-  basis  of  many  existing  schemes, 
spects  on  the  State  scheme,  in  And  there  is  a further  point  to 
which  women  qualify  for  pen-  be  borne  in  mind.  It  may  or 
sion  at  60,  despite  their  greater  may  not  be  true  that  employers 
life  expectancy,  and  men  at  65.  will  tend  gradually  to  employ 
Both  men  and  women  may.  in  fewer  women  as  the  total  rela 
certain  circumstances,  feel  un-  tive  cost  of  employing  them  goes 
happy  about  this  discrepancy,  up.  It  is  undoubtedly  true, 
and  the  reasons  for  its  existence  whether  or  not  desirable,  that 
are  either  obsolete  or  coming  to  many  women  at  work  prefer  pay 
be  felt  as  such.  But  the  Govern:  now  to  deferred  pay  in  the  form 
ment  has  made  it  plain  both  of  pension  rights. 


Investment  budget  in 
Australia 

THE  SYDNEY  stock  exchange  Thus  spending  on  oil  and  gas 
yesterday  reached  a new  1976  exploration  becomes  deductible 
high  following  Tuesday’s  budget  against  income  from  any 
statement  by  the  Treasurer,  Mr.  source  instead  of  only  against 
Phillip  Lynch.  The  reaction  was  income  from  mining,  as  in  the 
not  surprising  even  in  a market  past.  The  SA2  a barrel  tax  on 
which  has  outperformed  the  crude  oil  production  is  also, 
rest  of  the  world  tor  most  of  being  removed,  though  only  on 
this  year.  The  budget  was  in-  new  finds,  a move  again  inten- 
vcsimeni-oriented  and  confirms  ded  to  get  new  prospecting 
that  Mr.  Fraser's  Government  under  way. 
seems  set  on  its  enursr  of  pre-  take  some  time  before 

siding  over  a cautious  economic  *ax  concessions  in  the 

recovery  even  at  the  expense  of  J^ininS  sector  have  an  effect  on 
a further  increase  in  unomplny-  the  economy  as  a whole — and 
ment— a marked  difference  certainly  on  the  level  of  employ- 
from  the  policy  pursued  by  Mr.  me"t,  but  they  do  serve  to 
Whitiam.  underline  Mr.  Erasers  priori- 

ties. There  are  other  measures. 
Deductible  t00,  which  emphasise  the  extent 

of  the  departure  from  the  ideas 
The  broad  target  is  to  re-  of  the  Whitiam  period.  This  is 
ducc  the  rate  of  inflation  to  the  first  Australian  budget  in 
around  10  per  cent,  by  .Tune  four  years,  for  instance,  that 
next  year  after  about  14  per  has  not  included  an  increase  in 
cent  in  the  past  twelve  months  the  major  taxes  on  consumption, 
and  to  secure  a four  per  cent,  whether  alcohol,  tobacco  or 
growth  in  real  GDP  after  a petrol.  The  11.3  per  cent,  rise 
recent  growth  rate  of  only  one  in  government  expenditure  is 

per  cent.  Coupled  with  an  un-  only  about  half  the  rate  of  in- 

employment  rate  which  cur- crease  last  year  and  should 

rently  stands  at  5J2  per  cent,  involve  a declining  share  of 
and  is  expected  to  go  on  rising,  estimated  GDP.  That  in  itself  is 
these  figures  show  how  serious  a striking  reversal  of  recent 

the  economic  situation  has  trends.  One  of  the  few  areas 

been,  at  least  by  Australian  indeed  where  expenditure  is 
standards.  They  also  suggest  going  up  sharply  is  defence 
that  the  recovery  and  a return  where  there  is  to  be  an  increase 
to  more  stable  prices  still  have  of  17.6  per  cent.,  which  in  a way 
a long  way  to  go.  though  it  is  says  quite  as  much  about  the 
notable  that  the  government  change  in  political  priorities  as 
appears  to  have  left  itself  scope  the  tax  concessions  to  the 
for  further  tax  cuts  later  if  the  mining  sector.  Mr.  Fraser’s  is 
target  begins  to  recede.  a conservative  government  and 

The  approach  chosen  is  to  try  i*  behaving  as  such, 
to  control  government  expendi-  .. 

lure  and  to  stimulate  invest-  Aiiername 
ment  in  the  private  sector.  Some  it  is  too  early  to  tell  how  far 
changes  in  this  direction  had  the  new  policies  will  succeed, 
already  been  announced:  for  A 10  per  cent,  rate  of  inflation, 
example,  the  decision  to  relax  even  if  it  is  achieved  on  target, 
the  rules  relating  to  foreign  in-  is  still  high.  So  are  the  predic- 
vestment  in  new  mineral  pro-  tions  for  unemployment,  and 
jects.  This  week's  budget,  how-  even  a 4 per  cent,  real  growth 
ever,  goes  further  and  in  the  rate  is  modest  for  a country  of 
way  of  incentives  to -the  invest-  Australia's  resources.  Clearly  a 
ment  community  is  a good  deal  great  deal  will  depend  on  what 
more  specific.  In  line  with  the  happens  on  the  labour  front  and 
aim  of  increasing  corporate  in  wage  negotiations.  Yet  what 
profits  there  are  to  be  new  tax  is  clear  beyond  doubt  is  that  in 
reliefs  on  stock  appreciation,  voting  out  * Sir.  Whitlam  and 
There  are  also  some  striking  voting  in  Mr.  Fraser  Australia 
changes  in  the  mining  tax  laws  got  a genuine  alternative — in 
which  are  clearly  designed  to  foreign,  defence  and  economic 
encourage  new  exploration,  policy. 


By  PETER  HENNESSY 


iVhat  is  it  about  ENA  that,  in  toe  Bvmsa  Uivu  service— a ana  almost  ^ couspinuunai  neck  ana  ««  British  at 

is  the  need  for  the  British  Civil  m sPite  of  snch  reservations,  it  fact  which  caused  wry  amuse-  methods,  pajttcularly  wlthin*e.wfaich  ENA  and  tiiejngher  Crvti  _ one  reason 

Service  to  become  more  like  Persistently  arouses  curiosity,  ment  to  some members  of  ..the  Ministry  of  Financ^that^A  Service  in  gfVmtcm  itewrt 

ito  mnch  and  admiration. and  a touch  of  envy  Fulton  Committee  when  they  owes  its  undeserved  reputation.  pbUticised.jn»e  distortion  be-  a f^0U8  do™ 

accuire  a ruthless  professional-  “ British  public  servants  and  -called  upon  him  in  November  By  all-accounts,  present  day  ween  politician  and  civil  ser  and  should  be  exorc 

fSTdeffidcnCT  fnlSTth  Politicians,  amongwhom  Mr.  1966.  Enarques  are  a very  different-vant  has  become  .blurred  to  tte  -CtoMd  . 

requirements  0?  the  modern  Edward  Heath  has  been  the  most  ' “ Polyvalence  "wasthe  key.  breed  from  those  to  beca^miS-b^ 

state,  although  it  should  be  said  outspoken  in  his  appreciation  aud  DebnL  Topically,  the  buccaneers.  Like  so  tove  these  ministers  would  put  t 

at  the  outset  that  Whitehall  of  its  features?  The  ENA  legend  French  turned  this  concept  into  of  the  European  -upper  middle  onboth  *5^? j?  instead  in.  the  front  3 


officials,  gifted  though  they  are,  is  a powerful  one.  The  image  of  something  very  different*  from  class,  they  have  become-  of  late  ^S?H«d5n'P-£  ^ptemento^  BenStsC^' 

are  not  aT amateur  as  some  of  ? France  held  together  and  pre-  gifted  amateurism,  Enarques  guilt-ridden  the  point  of  ttfctent  ^r^oS?  tSTha^  an  Employment  Office™ 
them  like  to  pretend,  or  as  the  Pared  for  eventual-  recovery  were  expected  to  be  proficient,  enervation.  A few  years  ago.  Oande  Esner  coma  not  r bxokea  wi«li  ' 

Fulton  Committee  so  confidently  during  toe  locust  years  of  toe  in  the  subjects  they  touched,  up  afflicted  by  the  weight  of  their  b£t  of  toe  execute 

asserted  in  1968.  Fourth  Republic  by  a superbly  to  first  degree  standard,  an  own  cleverness,  the  top  to  or  ew-Uer  ttoiyear  ^ QffiCBTS  5^^.- 

Glances  across  the  Channel  efficient  and  innovatory  Civil  impossible  requirement  which  so.  graduates  from  toe  stoool  lefties  were  detoeratew^*  . . 

inevitably  concentrate  on  the  Service  hujls.jtf^ans  for  au*d  . resentment^,  and  plan 


WSuSS^SrtnSl  Z Britidn  ”th7l£3^ou‘£  S^tha,  3fe«d  "ttST  in  G^nds  oTto  annual  ENA  nlass.list  to  JSS^JSSSSL  ^ 


ENA  flanked  by  two  of  Its  alumni:  Jacques  Chirac,  the  French  Prime  Minister,  and  Michel  Debre,  ENA’s  founder  and 

Prime  Minister  1959-62. 


tentative  stage,  for  an  ad 
istrative  staff  college  to  cor 
meat  the  work  of  the  pci 
Civil  Service  College,  -v- 
gives  young  administrj 
trainees  in  their  early  2 : 
grounding  in  economics': 
statistics.  The  new 
intended,  for  civil 
their: late  30s  ~ at  asat 
secretary,  level  — who 
already  demonstrated  ? 
promise  in  a series  of  dezr 
ing  posts.  • 

The  course  would  last  -,i 
a1  year,  and  involve  intei 
preparation  in  managemeiif . 
other  skills  necessary  for ; 
in  the.  senior  polity  andmja 
ment  group  at  Under  Seen 
level  and  above.  The  tear 
would  be  done,  in  toe  mai) 
those  already  filling  such 
Passing  through  the  co 
would  be  seen  as  a prereqt ' 
for  advancement  to  the-*- 
Hamper.”  as  it  is  knowi 
Whitehall  jargon, 
would  nominate  their' 
people  for  the  course,  ■ 


150  “super”-  civil  servants  - a 
year  t — L’Ecole  Nationale 
d’Administration  (ENA).  Set  up 
in  Paris  in  1945  by  the  Pro- 
visional Government  of  General 
de  Gaulle,  it  is  said  to  have  been 
the  dynamo  behind  France's 
recovery  and  its  economic 
miracle  of  toe  1950s  and  1960s. 

Civil  Service  training  is  once 
more  under  review  in  the  UJC, 
and  a path  is  being  beaten  to 
ENA’s  door  in  the  Rue  des 
Saints-Peres,  a narrow  back 
street  not  far  from  the  Qua! 
d’Orsay.  Mr.  Charles  Morris, 

Minister  of  State  at  the  Civil 
Service  Department  . accom- 
panied by  Sir  Douglas  Allen, 

Head  of  th»  Home  Civil  Service, 
paid  the  school  a visit  at  Whit- 
sun. The  general  sub-committee 
of  the  Commons  Select  Com- 
mittee on  Expenditure,  cur- 
rently investigating  Whitehall, 
will  be  there  in  October. 

Professor  Ralf  Dahrendorf. 

Director  of  the  London  School 
of  Economics  is  keen  on  in- 
corporating a British  ENA 
within  his  proposed  “British 
Brookings,”  a 

ro0t5  parison  to  that  of  successive  Now  there  is  a more  thematic  aduitnistruteurs  cioils.  Since 

tz  csrr  tTo"  - - - — -- — 

Party’s  working  party  on  the  iyoa'  examDle  the  core 

machinery  of  government  is  The  1950s  are  now  established  t on  u 

about  to  come  up  with  a pro-  as  the  vintage  years  of  the 
posal  for  a public  sector  college  French  Civil  Service,  the  period 
with  some  similarities  to  ENA.  when  it  acquired  the  reputation 

of  being  the  finest  in  Europe. 

The  image  of  the  Enarque.  the 
alumnus  of  ENA,  as  a public 

service  polymath,  or  learned  o-  a ludicrous  note. 

jack-of-aU-trades— able  to  turn  Li*e  all  legends,  ENA’s  has 

But  twice  in  tbe  pas.  eight  Wsn  "f!  “ 1 ^t^nn'  I?  shire  of  my,h-  Alth™»h 
vears  the  ENA  experience  has  mns  a State,  bank  or  a nation-  finarques  now  number  2,500  and  France  sen  ENA- first  and  fore-  . b^tessary. 

bSniuteed  irppri^bTe  tc  l,^  aiised  md^ry  m™^  ..de-  of  Giscard.  Chirmr,  S aTa^IhlS 

needs.  The  Fulton  Committee  K®*651  ref  “ Pr^ttiCt  of  * Ortoli  and  others  indicates  just  agency,  combining  with  a TflAnAV 

went  and  was  impressed,  but  “JT2!  how  far  ^ hsve  Penetrated  vfngSnce  toe  funrtiona  of  the  .S^'^ibli c --  - ® - -- 

concluded  that  a British  imita-  !“  fnl  5*  political  as  weU  as  administra-  British  Civil  Service  Commas-  Together  wito  a more  Wfi 

lion  would  only  enhance  toe  fth tlve  life  in  France,  they  had  sjon  ^ the  Civil  Service  Col-  5JJV5 eTft  f system  of  movement  betv 

elitism  it  was  seeking  to  finrXl  very  little  t0  do  With  1116  le8e-  A°y  skills  imparted  during  2Sjf “g  f toe  public  and  private  sM 

ars  ago,  Mr.  of  1950s.  being  the  29-month  course  are.  accord-  ^ ? ***  WhitehaU,  such  ‘cot 

Ivor  Roberts,  then  a First  Secre-  the  b0th  t0°  feW  and, 100  young  at  ««  to  this  view,  incidental.  It  is  5®^.  could  go.  -a  long  wajr.ttW 

intou  to  e^nnTnS?  ***  ^ «Ior7  of  tho*  certainly  true  that  many  of  aebiering  toe  benefitsTof 

duced  a report  for  HMG  which  years  belon«s  t0  a hifhJy  most  successful  alumni  carry  a J*®  French  system  for'Brilalh  v 

stated  that  the  political  align-  L he  had  at  ENA  irregular  vintage  of  officials,  permanent  scar  from  toe  rigours  . !»  thlUlS,'iiS!rTItSSLthtI<Sr"  mt  “to  some  of,, 

ments  of  the  French  Civil  t?  be  had  at  ENA.  products  of  the  Resistance  who  0f  ENA— apart  from  anything  National  Health  -Set-  ENA-inspired  pitfalls:  The  e 

Service  made  it  qualitatively  so  A far  cry  from  our  own  were  projected  very  young  else,  toe  intense  rivalry  between  great  hindrance  at  toe  moment  is. 

different  from  its  British  Oxbridge  classicists  and  straight  into  top  government  members  of  a promotion  is  fre-  rr115,  ieast  of:  money,  which  explains..  _ 

counterpart  that  few  of  its  historians  in  equivalent  posts  to  1944  to  replace  the  quently  carried  on  throughout  °ers  of  tne  present  cabinet.  the  project  is  ltttie  ipote? 
features  could  be  succesrfully  positions  in  Whitehall,  as  the  tainted  Vichyttes  dominating  the  their  public  service  career — Tbe  ENA'  system  of  terming  a gleam  intoe  eyes  of  a hair 

imported— though  he  recom-  reformers  never  tire  of  pointing  Grands  Corps  of  the  French  and  they  suggest  that  the  con-  out  its  students  to  work,  in  toe  of  Permanent  Secretaries.  ' -■ 

mended  that  British  civil  out  But,  ironically,  M.  Michel  Civil  Service  up  to  the  Libera-  tent  of  their  course  was  of  little  regions  for  a year  as  assistants  whatever  the  current  rasps 

servants  should  be  made  aware  Debre,  founder  of  the  school;  tion.  It  is  thanks  to  these  men  use  once  out  in  the  field.  to  a Prefect  and,  at  a later  on  public  expenditure,  fund  - 

of  its  formidable  achievements  wanted  ENA  to- reproduce  a — virtually  untrained,  owing  There  is  another  factor «ilcu-  stage,  for  a two-month  period,  such  a venture  would  bein' 

to  make  them  better  able  to  French  equivalent  of  the  “ gifted  their  appointment  to  naked  lated  to  induce  an  outbreak  of  in  industry,  has  much  to  recom-  well  spent  < . 


Impressed 
Fulton 


■t  h h h *t  its  worst  our  political  in-  dropped  after  the  reforms  of  the  Corps  in  favour  of  more  lowly  keep  them  out  of  toe  Grands  sdectiqn  would  depend  on 
j^onaon-nased  ^juty  0f  j 973-74  bore  no  com-  late  Sixties  and  early  Seventies,  jobs  among  the  ranks  of  the  Corps.  " fonnance  in  a qualil 

une  tne.  room  ...  - ressive  Now  there  is  a more  thematic  admimstnatcurs  ciuils.  Since  The  fact  is  toat  Enarques  rule  examination.  Officials  - < j 

before  approach  with  an  emphasis  on  1969,  each  class  or  promotion  whoever  is  in  power.  Several  of  nominate  themselves  ahd 
casework.  This  year,  for  has  been  pennitted  to  choose  the  most  brilliant  fnspecteurs  whose  earlier . career . pa 
of  toe  course  its  own  title.  This  year's  gradu-  ^ Finances  work  ter  the  Gov-  had  put  them  at  a dlsadvai 
disport  policy  ates  styled  themselves  ernment  by  day  and  plan  toe  would  be  eligible  : for  s 
and  social  inequality-  “Guernica,”  Happily,  the  ^ew  jerusll]em  by  night  .as  leave'  Id  prepare  for 

thought  of  our  own  Aduunistra-  members  of  M.  Mitterand’s  examination,  a&  bappens  to 

Trromilor  tI0°  Trainees  at  toe  Civil  Service  “Brains  Trust.”  Such  moonlight-  service  ” candidites  -for  £ 

irregular  College  in  Belgravia  dubbing  jDg>  accepted  as  a matter  of  Unlike  the  present  course 

. themselves  “Tonypandy”  or  toe  bourse  in  France  (de-  Gaulle  the  Civil  Service  College, 

Vintage  “Jarrow  Marchers”  still  strikes:  ^ed  to  joke  about  it),  would  formance  wouW  be  assessed 

° ludicrous  note.  never  be  permitted  in  White-  count  towards  fUture;prom'c 

Some  of  the  more  dlscriminat-  hail.  ... 


Lack  of 


MEN  AND  MAHERS 


Still  out 
of  the 
swim 


In  these  days  of  drought  and 
dramatic  warnings  of  worse  to 
come,  just  cast  your  mind  back 
to  tbe  grim  post-war  year  of 
194S.  That  was  the  year  that 
Britain  staged  the  Olympic 
Games,  and  those  with  long 
memories  may  recall  that  toe 
Empire  Pool  at  Wembley  iso 
called  because  it  was  built  for 
the  1934  Empire  Games) 
developed  a near-disastrous  leak 
during  tbe  Olympics.  Gardeners 
atching  their  plants  fading 
away  now  may  drool  over  the 
thought  that  a reputed  60.000 
gallons  of  water  were  pumped 
into  the  pool  each  day  in  order 
that  the  swimming  events  could 
continue. 

After  the  games  it  was 
decided  that  repairing  the  pool 
would  be  too  expensive  so  that 
a “temporary”  floor  . was 
installed.  Since  then  the 
“Empire  Pool’11  has  been  re- 
nowned for  horse  jumping  and. 
of  course,  ice  shows. 

Now,  briefly,  the  actual  pool 
itself  Pill  be  on  view  again, 
though  not  with  water  in  it. 
The  “temporary”  floor  is  to 
be  replaced  by  a permanent  one, 
and  .vet  again  water  is  to  blame. 
After  each  ice  show  the  ice  was 
allowed  to  melt,  and  the  water 
has  seeped  through  into  the 
timber  and  metal  support  struc- 
ture causing  rot  and  corruption 
to  set  It.  Therefore,  at  a cost 
of  £200.000  a new  floor  and 
ice-making  (and  breaking) 
system  is  to  be  installed.  Dead- 
line for  completion  of  this 
exercise  is  October  4,  which 
marks  the  start  of  the  Horse  of 
the  Year  show.  From  then  the 
Empire  Pool  will  re-assume  its 
role  of  ' multi-purpose  sports 
complex  covering  most  sports — 

except,  of  course,  swimming. 


FAY 
, UJOFEti 


Harbutt 

excitement 

“Plasticine”  is  one  of  those 
words  (like  Thermos  and 
Hoover  (which  tend  to  be  used 
generically,  although  they  ' are 
actually,  the  treasured  trade 
names  of  a particular  company. 
Plasticine  is  the  registered  “pro- 
perty" of  the  private-owned 
Harbutt’s  group,  now  being 
taken  over  by  toy  maker  Ber- 
wick Timpo. 

’Although  the  name  is  res- 
tricted, toe  production  process 
no  longer  is,  and  rivals  gener- 
ally call  their  offerings 
“ modelling  clay.”  The  original 
stuff  was  invented  in  the  1890s 
by  William  Harbutt,  an  art 
master  at  Downside  College. 

As  his  grandson  and  tbe  com- 
pany's present  chairman,  Jim 
Applegate,  points  out,  William 
Harbutt.  not  only  gave  the  world 
one  of  the  essential  commodi- 
ties for  keeping  children 
amused— he  also  used  “ plastic  " 
long  before  the  term  entered 


the  language  and  our  lives  on 
a grand  scale. 

Over  the  years,  the  Harbutt 
company,  based  near  Bath,  has 
expanded  into  “carnival  novel- 
ties" (masks,  funny  hats  and 
so  on),  wax  crayons,  chalk,  and 
box  games.  The  old  Plasticine 
also  .lias  important . modelling 
use  in  industry.  . 

The  company  has  remained 
relatively  small,  annual  turn- 
over at  present  being  some 
£1.7m.,  and  trading  has  been 
sticky  (sorry)  lately.  Tbe  Plas- 
' ticine  side  has  been  consistently 
profitable,  though  earnings  last 
year  were  over  50  per  cent, 
down  at  £105,391.  Difficulties 
elsewhere,  notably  the  need  to 
reprint  packaging  in  two  lan- 
guages for  toe  Canadian  mar- 
ket. left  the  company  £30.546 
in  toe  red  overall. 

Applegate  spent  most  his 
working  life  in  toe  paper  and 
packaging  industry  before  join- 
ing the  family  business  in  -1965. 
What  is  needed  now,  he  says, 
is  access  to  new  sources  of 
finance.  He  is  staying  on,  and 
means  it  when  he  calls  the 
name  Plasticine  “inavaluable.” 
Berwick  Timpo  is  enthusiastic 
too,  talking  of  being  able  to  add 
an  “exciting  product”  to  its 
range. 


The  Non-Aligned 
not  in  line  . 

There  are  great  goings  on  in 
Colombo,  Sri  Lanka,  at  the 
moment  in  respect  of  the  fifth 
“Non-Aligned  Summit”  which 
opened  there  this  week.  The 
non-aligned  movement  boasts  a 
membership  of  86  at  toe  last 
count  and,  according  to  Press 
release  No.  14  from  the  confer- 
ence secretariat,  43  heads  of 
government  had  arrived. 

That  smacks  more  of  a by- 
election  than-  a general  election 
turn-out,  but  a careful  check  of 
the  list  suggests  that  even  toe 
official  figures  are.. a little 
optimistic.  At  least  five  of  those 


supposedly  present  when  the 
release  was  issued  had  not,  in 
fact,  turned  up.  For  example, 
the  Palestine  Liberation  Organi- 
sation leader,  Yasser  Arafat,  is 
apparently  still  in  the  Lebanon. 

For  many  of  the  86  members 
domestic  problems  are  a sound 
assumption  for  their  non- 
appearance.  Amin  of . Uganda 
is  the  most  obvious  example 
"(though  his  absence  un- 
doubtedly removes  a.  consider- 
able security  headache  for  the 
organisers),  and  President 
Nimairi  of  Sudan  fells  into  the 
same  category.  Others  have 
stayed  away  probably  because 
they  do  nor  feel  that  they 
should  give  the  gathering  their 
full  seal  of  approval.  That  group 
would  include  Singapore’s  Lee 
Knan  Yew.  King  Hassan  of 
Morocco,  and  King  Hussein  of 
Jordan. 

The  most  curious  absentee, 
however,  is  Dr.  Fidel  Castro  of 
Cuba.  Cuba  is  meant  to  be  the 
next  host  to  toe  Non-Aligned 
Summit  — and  there  is  even  a 
group  of  Cubans  present  study- 
ing the  way  In  which  Sri  Lanka 
has  gone  about  the  organisation 
of  toe  present  summit  Specula- 
tion ranges  from  the  possibility 
that  he  is  held  back  by  domestic 
problems  to . the  idea  that  he 
may  be  feeling  a bit  peeved 
about  something. 

The  high  rate  of  absenteeism 
is  one  way.  also,  of  highlighting 
the  extremes  which  are  repre- 
sented within  the  Non-Aligned 
movement.  It  has  been  sug- 
gested, perhaps  unkindly,  that 
its  motto  should  be  “Diversity 
within  Unity." 


Shkol ! 

“ As  in  previous  years,"  reports 
a Hampshire  golf  club  bulletin, 
“the  evening  concluded  with  a 
toast’  to  the  new  president  in 
Champagne  provided  by  toe 
retiring  president,  drunk  as 
usual  at  midnight." 

Observer 


SCOTCH  WHISKY 


Y our  first  sip  of  Famous 
Grouse  whisky  will  tell  "you 
why  it  costs  a little  more  than 

its  rival s^We’scarcely  heed 

to  spell  . out  the  ancldnt 
pedigree  of  this  mellow, 
balanced  blend— for 
here  is  bottled  history. 
Enough  to-say  that 
Famous- Grouse  ’ whisky 
is-the  cumulative  ; 
creation  of  one  ■;---? 
distinguished  famHy  - _ 
wfitohave  been  blehdmg- 
finewbiskies  smc&iSoo. 

So  call  it  taste, 
discemmentj  What  you  . 
will,  this  is  the  'whisky 
foryou.  _ 


^btScokhIW 


ttrSSNES  BL&WED 
Matthew  CtoagStSenUd^ 
^ t3 erth.Scotland 

i5a*Q**D  * WOO  /it  t»*  94ME 

)5gi«Wbwp  - . ~ xri 


3 

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6c  Son  Ltd..  Perth,  Scotland.  Established 
~ * »d»W«Jw.LOJ*-Dtetart*Cft.UA,  V • 
&trc«t, London SBitXT.  • ..  .. 


3 


BY  SAMUEL  BRITT  AN 


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&“rS  :-.s?  • 


REALLY  sacreB  cows  of 
[ritish  economy  are  jaot  In 
i or  social  security,  which 
ir_  Governments  axe  with 
, bat  handouts  to  industry. 
»•_  ter  private  or  v 'State* 
••  ..  .■ 

v^val  spending  on" Trade, In- 
? and  ^Employment  ^ for 
V-V-fT  was  shown  in  the -Public 
oditnre  White-  Paper-,  as 
%L'  far  1975  Surrey  prices 
. ; ’■  oh/means  in  1B74:  prices), 
^'-day’s  money  it  - must  -be 
:->ig  at  around  £3bn.  . 

-J,/-'  *e;of  the  expenditure,  such 

- ^-'lustrial  training  and  em- 

^ent  exchanges  are  part':  of 
.^i^ervice  functions  of.  _a_ 
d- State;  but  most  o£  the 
-f*  fitrthe  table  could  with 
' -t^he  reduced.-  Moreover 
;/"^it  a3d  to  industry  is  by  no 
" j^'tbe  whole  of  the  help 
i c'  5/  to  particular-  producer . 
T Total  agricultural  sup- 
omes  to  over  ffiOOm.;  be- 
1 -.Blowing  for  the  two-way . 
r:,\. cation  of  relations  with 
■f  i SC.  . 

direct  assistance  is  by  no 
*■  all.' ' A calculation  by  a 
" •:  Department  of  Trade 
T Industry  adviser,  Mr. 

: as  Oul ton,  shows  that  the 
'•■SC  UJC  tariff-  structure 
-(uivalent  to  nearly  £L2hn. 

. < <sidie5,  at  the  prices  and 
“ ‘ t of  1968.  The  EEC  tariff 
e a little  less.  But.  we 
' iso  to  add  on  the  various 

- ;Isuzy  and  voluntary 

• . restrictions,  such  - as 

international  Multi-Fibre 
••  ■■  cement  The  newer  forms 
:;;ernment  assistance  have 
grafted  on  top  of  old-' 

■ .^aed  tariffs  and  import 
~v;nts  but  have  not  replaced 

- .- . desire  of  industrial  man- 

■ > %nt  for  State  support  and 

..nee,  preferably  wrapped 
. -terms  such  as  “industrial 


strategy,”  is  not  surprising;  and 
one  can  be  quite  sure  that  -'real 
world,  businessmen  ”•  have  -been 
lobbying  the  Conservatives 
against  any  M doctrinaire'*1  re- 
duction of  such  'support* _ 

But  it  is  the  attitude  of 
Labour  .MPs  that  is  the  most 
extraordinary.  A tax  on  labour 
employed'  by  - industry  : is 
accepted,  even  though  it’jwill 
either'  be  passed  -on  in  -idgher 
prices  or  lead  to  more:  ocnem- 
■ployment.  • But  so  tob-:  axe:  sub- 
sidies to  particular  firms.  * Does 
the . Parliamentary  Party1  really 
like  handouts  to  unsuccessful 
capitalists  ”?  I asked  a col- 
league wbo  knows  'about  these 
things.  “ It's ; all  right  because 
it  is  selective”-  was  the  'reply. 
The  elevation  of  industrial 
selectivity  into  a principle  of 
socialism  and  also  into  a . prin- 
ciple-of  ^moderate  Conservatism 
is  one  of  the  -most  bizarre  of 
modem  political  developments. 


Concorde : An  infant  not  pnt  to  sleep. 


Public  Spending  on  Trade,  fudustry  and  Employment 
1976-77  at  1975  Survey  Prices 


Regional  Development  grants 
Regional  Employment  Premium 
“ Industrial  Innovation” 

(mostly  aerospace  and  nudear) 

National  Enterprise  Board 
Other  selective  assistance 
Support  for  nationalised  industries  other 
than  transport — (mostly  coal) 

Refinancing  fixed  rate  export  credits 
Industrial  training 
Employment  exchanges,  etc. 

Redundancy  payments 
Other 

Total  — Trade,  Industry,  etc. 

Total  — Public  expenditure  programme* 

Source;  “Poblic  Expenditure  to  1979-80." 


Rebates 


The  move  “towards  selectivity 
took  a further  turn  in  the  July 
Public  Expenditure  statement 
when' the  Chancellor  announced 
reductions  in  the  Regional  Em- 
ployment Premium  and  in  the 
employers’  rebates  for  redun- 
dancy 'payments,  and-  a 
deliberate  delay— reminiscent  of 
Latin  American  regimes  run- 
ning out  of  cash  — in  paying 
regional  development  grants. 
These  economies  are  meant  to 
make  way  for  selective  ^.assis- 
tance “through  the  NEBnnd 
the  Scottish  and  Welsh  Develop- 
ment Agencies,  as  well  as  from 
the  Government  direct;  so  as  To 
support  the  work  onthe  in- 
dustrial strategy.”  r As '.that 
strategy  has  still  not  hee^  ex- 
plained after  two  years’  prepara- 
tion, I imagine  that  it  never, will 
be.  . '• 


Since  the  depression  of  the 
3930s,  if  not  before,  worthy 
groups  have  been  urging  the 
case  for  “ democratic  planning  " 
in  mixed  industrial  economies. 
But  in  40  years  and  more  their 
exponents  have  never  explained 
whether  the  plans  were  meant 
to  be  based  on  non-market 
criteria,  and  if  so  what  these 
were;  or  if  they  were  to  be 
based  on  market  criteria,  how 
the  planners  could  find  the 
profitable  opportunities  which 
businessmen  and  investors  bad 
missed. 

We  must  now  assume  in  de- 
fault of  any  explanation  that 
the  newer  industrial  policies  are 
a continuation  by  fresh  means 
of  old-fashioned-  protectionism, 
with  selective  favours  thrown 
in  as  well.  We  will  gain  a 
better  idea  of  what  is  in  store 
by  looking  at  Public  Assistance 


for  Industry*  than  by  theoreti- 
cal crystal-gazing. 

Valuable  material  is  gathered 
together  in  a book  of  this  title, 
and  published  by  the  Trade 
Policy  Research  Centre.  The 
study  covers  both  the  U.K.  and 
Germany.  The  key  notion  is  that 
tariffs,  quotas,  subsidies  and 
other  intervention  ars  all  forms 
of  assistance,  which  in  principle 
can  be  put  under  a common 
measure.  As  the  editors  say  in 
the  Preface:  **  Private  firms 
operating  in  industries  -that  one 
way  or  another,  are  protected 
against  foreign  competition, 
usually  at  the  expense  of 
domestic  consumers  and  tax- 
payers, are  not  accustomed  to 
thinking  of  themselves  as  “on 
the  dole.”  Yet  they  are  as  much 
as  any  who  have  to  draw  unem- 
ployment benefit  in  order  to 
surrive.” 

The  net  effect  of  tariffs  and 


quotas  is  to  pull  resources  out 
of  export  industries  and  into 
import-competing  ones  and  into 
some  import  competing  indust- 
ries more  than  others.  (If 
imports  fall,  so  other  things 
being  equal  do  exports,  obses- 
sion with  the  trade  figures  not- 
withstanding.) The  degree  of 
protection  is  measured  by  re- 
lating tariff  rates  to  the  value 
added  by  the  domestic  industry 
after  taking  into  account  taxes 
and  tariffs  paid  by  that  industry. 

A calculation  along  these 
lines  gives  the  effective  tariff. 
This  has  been  calculated  for 
the  EEC  tariff  on  the  basis  of 
the  German  industrial  struc- 
ture. The  average  effective 
tariff  turns  out  to  be  10  per 
cent,  compared  with  a nominal 
tariff  of  only  7 per  cent.  But 
there  are  industries  with  effect- 
ive tariff  protection  of  20  per 
cent,  or  more,  including  pulp 
and  paper,  non-ferrous  metal 


production  and  foundries, 
textiles  and  clothing.  A calcula- 
tion for  the  U.K.  would  prob- 
ably not  turn  out  all  that  dif- 
ferent. 

In  addition  to  tariffs,  and 
quotas  and  assistance  to  par- 
ticular industries.  British  Gov- 
ernments have  used  “ incen- 
tives " such  as  investment 
grants,  selective  employment 
taxes  and  regional  employment 
premia.  “While  the  German 
author  did  not  try  to  write  a 
similar  account  for  his  country 
— and  Germany  also  uses  some 
of  these  devices — it  is  unlikely 
that  if  he  had  it  would  have 
conveyed  the  same  impression 
of  complicated  and  endless 
changes.”  remark  the  editors. 

In  a concluding  chapter  Dr. 
Max  Corden.  a leading  inter- 
national economist,  devotes  a 
great  deal  of  ingenuity  to  find- 
ing a “logic"  behind  the  appar- 
ently incoherent  record  of  Gov- 


ernment intervention.  In  fact 
industry  arguments  such  as  that 
for  protecting  import  industries 
may  conceivably  explain  why 
ventures  such  as  Concorde  were 
begun,  biit  not  why  Govern- 
ments failed  “to  put  them  to 
sleep"  when  it  was  apparent  that 
an  excessively  expensive  air- 
craft quite  unsuited  to  the  air- 
craft market  had  been 
developed  and  produced. 

The  unifying  principle  with 
which  Dr.  Corden  does  emerge 
is  labelled  the  “principle  of 
sectional  income  maintenance,” 
or  more  theoretically  a "conser- 
vative social  welfare  function." 
The  aim  is  “to  prevent  severe 
falls  in  incomes  of  any  signifi- 
cant section  of  the  community 
even  if  this  intervention  pre- 
vents incomes  of  other  sections 
from  rising.”  He  discusses 
whether  the  aim  is  to  prevent 
falls  in  income  or  employment: 
it  seems  to  me  that  either 
phenomena  may  provoke  inters 
vention. 


Direct 


There  is  a case  for  such 
sectional  income  maintenance 
as  a social  insurance  system 
against  sudden  and  unexpected 
falls  in  income.  But  if  carried 
too  far  the  total  income  avail- 
able for  protection  will  not  be 
very  high.  As  Dr.  Corden 
remarks.  “ it  is  particularly 
hard  to  justify  a ‘ conservative ' 
policy  designed  to  protect 
capital,  as  distinct  from  labour, 
in  particular  industries.” 

Even  if  the  aims  are  accepted, 
they  are  usually  not  pursued  by 
least-cost  methods.  For  instance 
a tariff  (or  quota  for  that 
matter)  raises  textile  prices  and 
discourages  consumption.  A 
direct  subsidy  would  be  better. 
Direct  income  compensation 


related  to  cash  production 
would  be  best  of  all,  and  would 
avoid  further  uneconomic 
expansion. 

If,  however,  the  aim  is  to 
preserve  regional  employment, 
a subsidy  which  greatly 
benefits  labour  - using  industries 
of  labour- earning  techniques 
should  be  preferred.  This  is 
tbe  case  for  the  Regional  Em- 
ployment Premium  introduced 
by  the  1964-70  (and  very  much 
better)  Labour  Government  and 
now  being  phased  out  by  Mr. 
Healey.  Subsidies  for  capita! 
to  go  into  the  depressed  regions 
are  both  very  expensive  per 
new  job  and  encourage  exces- 
sively capital  intensive  methods 
in  labour-surplus  regions. 

Dr.  Corden  is  especially 
caustic  on  aid  to  the  British 
motor  industry.  The  £2.8bn. 
commitment  could  be  an  under- 
statement because  of  the  danger 
of  “ an  open-ended  commitment 
to  a basical y unsound  proposi- 
tion.” The  U.K  may  well  have 
for  historical  reasons  a compara- 
tive disadvantage  at  an  activity 
which  depends  on  skill  in  in- 
dustrial relations. 

One  danger  of  this  corporatist 
new  world  is  that  business  suc- 
cess will  come  to  depend  on 
keeping  in  the  good  books  of 
politicians  and  officialdom  and 
in  understanding  bow  they 
operate,  rather  than  in  profit- 
able low-cost  service  to  the  con- 
sumer. Some  philosophers  make 
a distinction  between  "knowing 
how”  and  “knowing  that.”  They 
now  need  a third  category 
"knowing  whom." 


■W.  M.  Corden  and  uerfiaril  Frla  i edn. 
Public  Assistance  to  Ihdusiru:  Rmie-- 
r ran  and  SuDsMiea  hi  Wninin  iwd 
Germatnu  (London:  iUarnuUaii,  tor  If.ft 
Trade  Pctim  Research  Centre  and  the 
Iruiiuil  Kir  Wcllirtruefuiit  tin  der 
I'nircrjii'ii  (Tiel.  lVTtii.  Price  tiu  net- 


Letters  to  the  Editor 


ider-used 

fusing 

-Mr.  D.  Morris. 


Any  -.industry  or  authority  demands  for  vastly  increased  northern  North  Sea.  Warmest  tbe  whaling  nations  to  see  the 
seriously  considering  the  possi-  lay  giving  towards  the  main-  congratulations  and  good  wishes  error  of  their  ways  and  organise 
bility  of.  imported  water  should,  tenance  of  the  ministry.  The  to  all  concerned  from  the  dircc-  their  activities  in  a more  sensible 
it  *seems,'  act  with  ' some  level  of  official  secrecy  on  tors  and  engineers  of  Shell  way.  we  will  very  soon  find  our- 


Church  finance  can  be  gauged  Exploration  and  Production  selves  in  the  position  where  there 
from  the  fact  that  the  Corpora-  U.K.”  are  no  whales  left  at  all. 

tion  of  Church  House,  the  bodv  Having  established  first-class  Many  people  would  like  to  see 
responsible  for  central  adminis-  platform  building  facilities  at  whaling  stopped  altogether,  but 
tration,  publishes  no  accounts  at  Metbi!  and  skills  and  technical  due  to  the  capirai  invesred  in  the 
all.  Following  questions  in  the  competence  second  to  none,  this  whaling  fleets,  it  is  unlikeiy  that 
General  Synod,  however,  it  is  company  is  confident  in  its  this  would  come  about,  therefore 
understood  that  this  matter  is  ability  to  compete  effectively  in  controls  must  be  imposed  so  that 
qow  under  review.  the  next  round  of  bidding  for  when  a species  reaches  tbe  level 

The  Association  of  the  Clergv  steel  platforms  to  oil  companies'  of  minimum  substantial  yield 


~uv  n iit  ■ " - promptitude.  Church  finance  can  be  gauged  Exploration  and  Production  selves  in  the  position  where  there 

wtvw  Ole  Knudsen.  - V from  the  fact  that  the  Corpora-  U.K."  are  no  whales  left  at  all. 

Aldington.  ' tion  of  Church  House,  the  body  Having  established  first-class  Many  people  would  like  to  see 

Ashford,  Kent.  responsible  for  central  adminis-  platform  building  facilities  at  whaling  stopped  altogether,  but 

•a! "3 *£5  “55#  h0USUlfi  . tration.  publishes  no  accounts  at  Metbi!  and  skills  and  technical  due  to  the  capita!  invested  m the 

-tm  letist^inrTnnrt  'hnn*  \Tn  illf'AntlVA  ' al1'  Following  questions  in  the  competence  second  to  none,  this  whaling  fleets,  it  is  unlikely  that 
' ticies ^wereUe?nlvrf  Si'  inCeinlVG^ .General  Synod,  however,  it  is  company  is  confident  in  its  this  would  come  about,  therefore 

' were  mad v more  famibds  ~ understood  that  this  matter  is  ability  to  compete  effectively  in  controls  must  be  imposed  so  that 

' ~oiuies  wPre  lSf  tO  SEVC  qow  under  review.  the  next  round  of  bidding  fnr  when  a spcc.es  reaches  tbe  level 

^ mrnTisVw  e Ptmirr  c Thom™™  ••  ^ Association  of  the  Clergy  steel  platforms  to  oil  companies'  of  minimum  substantial  yield 

T^dfv  5mre  ^ -1  r am  Se?Sed  in  the  «ery  sympathy  with  its  eoi-  own  designs  and  with  its  own  (MSY)  all  killing  of  that  species 
various  comment  ^SinE  madfe^aedeS  who  in  desperation  have  hybrid  design  wherever  gravity  stops  until  stocks  are  replenished 

or  SdS  JeSHESl- s bv  f°r  helP  w a secular  type  structures  are  preferred,  and  that  quotas  for  other  species 

•.m  there  is  a larger  supS^water  &ghTSter  ^de  imiom  but  feels  that  as  E,  P- GaHagher.  are  not  ^ 

-4  for  smaller  imlt,  ant  I am  ^domestic  user  with  a =•  .nrofe^ionul  assoc.ar.on  acung  .ft  Z 


'GENERAL 

BMA  Hospital  Junior  Staffs 
Committee  emergency  meeting 
considers  step  ping-up  industrial 
action  in  overtime  pay  dispute. 

Commonwealth  scientists  meet 
in  conjunction  with  International 
Congress  of  Entomology  on 
“ Biological  Control  of  Pests  and 
Weeds."  Washington,  ILS. 

London  Chamber  of  Commerce 
announces  year's  Top  Secretary, 
on  basis  of  its  annual  private 
secretary  diploma  examination. 

OFFICIAL  STATISTICS 

Consumers’  expenditure  f2nd 
preliminary  estimate.  2nd 
quarter).  Building  Society  house 
prices  and  mortgage  advances 
(2nd  quarter).  Car  and  commer- 
cial vehicle  production  (July, 
final). 


To-day’s  Events 

COMPANY  RESULTS 
London  Brick  (half-year).  Lonrho 
(third-quarter).  Wedgwood  (first- 
quarter) 

COMPANY  MEETINGS 
Allied  Retailers.  Birmingham, 
10.20.  Care  I o Engineering,  Leeds. 
3.  Cocfc.sedge,  Ipswich,  12.  Greene 
King,  Bury  St.  Edmunds.  12. 
Plessey.  Mil  (bank  Tower,  S.W.,  12. 
Property  Partnerships.  Norwich, 
12.  Scottish  and  Newcastle 
Breweries,  Edinburgh.  12. 

OPERA 

English  National  Opera  produc- 
tion of  Tosca,  Coliseum  Theatre. 
W.CJ2.  730  p.m. 


BALLET 

L'ance  Theatre  of  Harlem 
perform  Holberg  Suite,  Don 
Quixote,  Bugxku,  Romeo  and 
Ju<iet.  and  Forces  of  Rhythm. 
Sadler's  Wells  Theatre.  7.30  pjn. 

London  Festival  Ballet  dance 
Spectre  lie  la  Rose,  and  Giselle. 
Royal  Festival  Hall.  S.E.l.  7.30 
p.m. 

MUSIC 

BBC  Symphony  Orchestra,  con- 
ductor Sir  Charles  Groves,  with 
fona  Brown  i violin)  and  BBC 
Sir.gers,  in  music  by  Tippett 
(Ritual  Dances— The  Midsummer 
Marriage);  David  Blake  (Violin 
Concerto);  and  Elgar  (Variations 
on  an  original  theme— Enigma  I. 
Royal  Albert  Hall.  S.W.7.  7.30  p.m. 


^d  for  smaller  units  and  I am  a.domestic  user  with  a ^ « Gold  noion  Rood, 

vis  short  and  expensive,  metered  supply,  previously  from  responsibly  unthln  the  Church  it  ' , 0 

rcil  tenants  should  not  be  the  Anglian  and  now  from  the  ultimately  more  chance  of  eajord.  

-aged  from  subletting  Thames  Water  Authority,  but  my  achieving  our  common  aims.  _Tr_  _ . 

. rooms,  and  ..owner  payments  are  governed  by  a „ ..  Wfl2 11115?  Will 

rs  should  he  .encouraged  minimum  charge  based  on  rate- ^.nhnc,j'.  T m 

•let.  At  present  owner  able  value  of  the  property.  My  TDeAss°aatlon  nf  the  Clergy.  Slflflpr 

rs  do  not  like  to  sublet  last  bill  was  £36.88.  but  volume  "fslhampnett  Vicarage , gU  IlllUCt 

- vhf>n  it  mav  reaiiire  some  mnsniiml  at  unit  nrii»A  nnlw  LfHcnesier,  r a* 


rvhen  it  may  require  going  consumed  at  unit  price  only  \£*c?%ster' 
t to  get  possession  plu*  amounts  to  £12.83.  Why  should  »«**«««■ 

. c to  the  capital  value  of  this  be,  and  where  is  tbe  so-called  •-  T ■ z 

ause  if  possession  is  not  incentive  to  save  water?  1\  vpo  nlSIDAnn 

• d-  when  -needed.  The  c.  W.  Thompson.  ^ Oc<l  pidUUUIl 


ause  if  possession  is  not  incentive  to  save  water? 

• d-  when  -needed.  The  c.  W.  Thompson. 

of  a notice  to  quit  should  " The  Ci melees, ” Brill, 
ired,  but  perhaps' with  a Nt.  Aylesbury,  Buckinghamshire. 

• m period  of  four  weeks.  

...  landlords  leave  homes  - 

: rather  than  let.  at  con-  KPVPI1I1P  tfir 
rents  which  produce  a a\C¥CU«C  AV* 

■■'l.or  even  negative  cash  ' "D  f) 

' get  these  already  vacant  lliv  X •x-F* 

■ iccupied,  why  control  the  From  Dr.  E.  Bnteman. 


a .professional  association  acting  House.  shortfall  from  protecting  the  en- 

responsibly  within  the  Church  it  53.  Goldington  Road.  dangered  species.  This  will,  of 

has  ultimately  more  chance  of  Bedford.  ' course,  result  in  short-term  fails 

achieving  our  common  aims.  *n  yields,  but  in  thi*  long  term 

•T.  D.  Brown.  Wlaolvnn-  will  should  result  in  the  survival  or 

Member  of  Council,  ▼▼  UaUUUg  tt  111  both  the  whaling  industry  and. 

Tbe  Association  of  the  Clergy.  hopefully,  tbe  whale. 

Wesfhompnett  Vicarage,  20  U 11061  must  he  brought  home  to 

Chichester,  ...  all  involved  that  extinction  is 

West  Sussex  From  Mr.  M.  Donne uy.  for  eVer  ani|j  extinction  of  the 

Sir. — Your  article  (August  5)  whale  will  be  self-destruction  for 

Nn  1 <f  “Whale  catch  talks  fear”  the  whaling  industry. 

. oca  Pianonn  prompted  me  to  write  to  register  M.  T.  Donnelly. 

, r my  protest  against  tbe  totally  HO.  iUorefmi  Wan. 

nilllninp  senseless,  selfish  and  wasteful  CipperUtam. 

way  in  which  the  whaling  nations  Slough . Berks. 

From  the  Chairman.  RDL  North  (in  particular  Japan  and  the  

Skn.  USSR)  exploit  the  diminishing  _ 

Sir.— The  item  in  your  North  whale  stocks  in  our  seas.  HlJITV  hillTV 

Sen  News  Letter  (August  3)  Quolas  ^ set  by  thv  mter-  , 
speculating  about  the  future  of  national  Whaling  Commission.  hllTTV 
this  company  s platform  build-  an  organisation  which  is  made  up  a j 


building 


The 
GUS 


eats  whkh  ^produce0^’  RCVCHUC  IOr  Sir,— The  item  in  your  North  whale* stocks° 'in  our  sea?' **  108  HlUTV  hillTV 

“ ev^esSSS^sb  T*r»  3>  Quotas  sre  set  by  the  Inter-  , - ’ UUrIJ» 

;et  these  already  vacant  lIIC  spMulating  about  the  future  of  natjonai  ^yhaling  Commission.  hillTV 

cupied,  why  control  the  From  Dr  E Bateman  r!?ls  comP.an>’s  build-  an  organisation  which  is  made  up  Uu*  A j 

all?  Other  landlords  cip Most  of  the  letters  I-i?l»OperattlOnSh^tJilet^,LC0mains  fbe  whaling  nations,  therefore  From  Mr.  M.  Nottingham 

possession  at. some  time  ooS^X  ofrsooftleuerTood «e  have  the  ludicrous,  situation  Sir-For  the  Brst  time  in 


d possession  at  sometime  nost  and  thP  nprsonallenprc  and  J 7-«  .»  i J"  we  nave  me  raaicrous  suuaiion  &:r,— ror  me  nrsi  nme  m my 

future  are  not  so  co£  bti&  I Seceiv?,  weigh  less  than  ?h°“t  JSSr^eadeS  are  where  tbe  hunter  is  deciding  how  life  I would  like  io  offer  some 


boutthe  rent  bur  would  » ^mT^rTeiiTa  pro-  he  ^ be  allowed  to  advice  to  tev«?oV 

ey  could  be  guaranteed  pSftionateiy  massive  weight  of  JJJJ*  proSts  F * kiu-  hThi!  *?.  sVfr®,y  ,a  situ^°  . V**™  is  already  some  dealing 

n when  needed  why  cstalogue  staff  fas  my  postman  y*On  the* question  of  delivery  rbeseS^^er^  ma^azineMvate E:  ^ 

calls  it) -of  which  many  pacKul.v  -gco-j  is  incorrect  to  sav  that  lDese  qu.?  ,s  eyer  Jocreasin,  (as  magazine  tnvate  el- 

legal  changes  to  rectify  are  tailored  to  take  full  ad  vac-  Se  Auk  aid  the  Bren?  “A"  >our , 3rt,cle  shows)  the  whale  from  now  copies  of 

: of  date  hang-ups  con  id.  t age  of  the  upper  limit  of  90s  'or  jackets  were  une  and  two  veara  P°PuiaU°"  ,ls  diminishing.  There  could  well  be  worth 

sands  of  empty  houses,  the  basic  rate.  - If  this  upper  jafe  VesMctfvelv  When  the  fuH  18  ^ fut}le.  cha°«  for  replace-  in  potatoes.  Rush 

i rooms  occupied  by  limit  were  reduced  from  60c  io  S il!  ment  of  5tock■‘,  wh,|e  klll>n?  c0n-  newsagents  and  fan 


: : ’•»  - - 

If.-*"' 


Investment 


Too  blunt  an  instrument 


: oi  aate  nang-ups  comu  rage  oi  tne  upperumit  or  ou?  -i.r  <Pe].pts  wprp  linp  ..nri  Twn 

sands  of  empty  houses,  the  basic  rate.  - If  this  upper  VesMctfvelv  When  the  fu»  18  ve.ry  fU1}leI  cha?“  replace-  in  potatoes.  Rush  oul  to  your 

i rooms  occupied  'by  limit  were  reduced  from  60c  io  ajooe  of  the  w or V?  iS?olvld^  in  ment  of  5tock-<5  while  killing  con-  newsagents  and  buy  now  while 

s.  and  reduce  the  need  I0g  or  J5y,  the  additional  revenue  buildine  thes«T  Mructurai  wS  tm,ues-.as  °"5Yei?Se  a ^baJe  can  stocks  last,  or  exist! 

so  many  more  new  might  well  be  enough  to  res i ore  de term! nedlni adiuf  datS  Jerl  on  y R,Ve  b,irth  to  a cub  about  ^oumgham. 

■ the  Sunday  evening  collection.  v SghHshS'  as  Anril  1974.  and  on^  ,every  ^ yea^'-  . f **•  F,!r^  8 street- 

;r  to  meet  some  of  the  e.  H.  Bateman.  . Mwt  1975  resnectivelv  The  Unless  Publjc  opinion  forces  Lincoln.  Lines. 

JsVav^iS  S^—  ' monSftiumftnd^  iouai""  Toobluntan  instrument 

lvUbtlo  a jC*4  «U  IMLUD5  ■ ■ ■ * W3l*v  HpIrtPI? 

fS  STbund^bSt  TTniAnicoH  until  Mas%  1976  ( *at  is.  Front  Diane  Munday.  visory  Service,  giving  oral  evi 

a a MV-  ' UIUOUlSCO  one  year  late)  although  it  was  Sir.— i have  not  yet  read  the  dence.  some  of  the  questions 

hniityihn  aver  three  1 ' physically  completed  in  recent  PEP  Study  of  Parliament  made  it  clear  that  some  Members 

- P«han«  thr orient  ’ ClCHIY  October,  1975.  When  loaded  out  but  am  in  complete  agreement  bad  not  read  the  detailed  and 

/at  finance  will  en-  kw™  7 tee  Brent  structure  was  the  wth  its  finding,  as  reported  by  ca  ref  u My  written  document  sub- 

en*  use  of  SiJE1,  nf  the  Iar«est  and  most  complex  de-  Peter  Riddell  (August  16),  of  a raitted  snme  time  earlier  and  at 

tSStment^  ?n  the  i^ered  to  the  North  Sea.  steadily  growing  disenchantment  one  stage  we  were  asked  “ Who 

j *“n8  Investment  .in  Clergy  shares  in  many  ways ■ tee  Qn  the  quesl}on  0f  ]0Sses  to  with  tee  concept  of  Parliamen-  are  your  trustees?”  when  their 

i ' V views  of  those  Anglican  priesis  these  regecI  (3>  the  impact  tary  Select  Committees.  As  an  names  were  clearly  shown  on  the 

iKTi.  now  reported  to  be  Paia'“^  of  the  unprecedented  rat»  of  individual  with  detailed  and  cover  or  the  written  evidence, 

jpguore.  w-*..  merab^s  of  the; Association  or  jnaBy0I1  on  |{je  and  Brent  specialised  knowledge  on  several  During  questions  at  tbe  Press 

Scientific.  Tecnniral  ^and  siana-  rfAn  contracts,  and  (b)  the  de-  subjects — charities  and  abortion  conference  to  launch  the  Select 
S nr  ''fmni'T-  ..,  geriaL  Staffs  ,<„Men  an“  cislon  to  applv  . accelerated — recently  studied  by  such  Com- Committee’s  report,  the  chairman 

a ;C l ■ XtXfllA ■ -.v -j • - ■ MAtterS;  August  10).  . depreciation  to  the  fixed  assets  mitres*  I am  delighted  that  showed  a lamentable  lack  of 

'-7.' is  agreed  that  the  cu"'e";  at  Methil  because  of  the  uncer-  “their  reports  have  failed  to  knowledge  of  the  current  situa- 

SUf  l/-*v  **  -.-J-"-  ’ tVnv  in  t.np  •’  LulirCD  J.  ranmmonrl  nwwt  ottantinn  in  iVra  4 inn  f ipL'nrl  nKnut  (nt* 


Unionised 

clergy 


> Morris.  ’•  • • 

J Square.  W.L. 


'I  W 2V ^ ' Pa?  crisi®  in  the  Lburcn  ^ . taihtzes  surrounding  future  de-  command  great  attention  in  the  tion  I asked  about  after-care  for 
, Bn  - :^-  ' ,".BnglaDd  demaiids  the  setnog  up  mgnd  for  North  . Sea  platforms.  House  and  have  made  little  day-care  patients  from  overseas, 

■u.  whwwb.; ^ - A-. V ol  some,  form  of  negotiating  The  Department  of  Energy  study  impact  on  the  public  or  on  be  said  this  was  something  the 
Jaader»  - have  auggegroft  -machinery  whereby  parmh  clergy  recent]y  published  under  the  central  Government.'’  For  if  Committee  still  bad  to  look  into, 
MM  should  be-brought  oy^ "can  be  represented  adeqtiateiy  *-North  Sea  Costs  Escala-  these  two  examples  are  anything  instead . of  .pointing  out  that 
Vi  drought-hit  areas,  in  0p.  thppe  central  church  boaies.^^  cjear|y  demonstrates  to  judge  by.  a committee  of  non-  current  regulations  exclude  all 

fay  there  is  certainly  responsible  for  deciding  pay  drastic  undcr-cstimation  of  specialists,  meeting  for  two  hours  overseas  patients  from  receiving 
5|  }of  wa.ter.-this  year  m L policy — the  Church  ..Cotmms;  ^ 0j|  companies,  contrac-  or  so  each  week,  with  no  research  day-care  treatment)  and  subse- 

Jrie  power'  reservoirs  sioners:  a^d  te&  Archbishops  tors  und  offshore  operators  alike  facilities  or  specialist  advisers,  quently  in  broadcasts,  he  and 

^yfsequence  r os  nea^.  Advisers,  on  the  Church  s Neeas  ^ {jean  a feature  0f  au  is  not  a suitable  body  for  sifting  members  of  the  Committee  have 

winter.'  which  is  and  Resources.  Such  representa-  agpe,^  of  North  Sea  develop-  and  weighing  evidence  on  highly  shown  Important  differences  in 
gPi  process  of  melting — ■ tion  and  full  consultation,  wnien  ment  to  data  far  as  piatform  complex  matters.  interpretation  of  their  conclu- 

lter  level  is  bavjng-to  is  of  course  tbe  accepted  pray-  builders  are  concerned,  whether  In  the  case  of  the  Select  Com-  sions  and  recommendations, 
d by  tapping  ■ the  tice  In.  all  other  professions,  is  were  incurred  or  not  on  mittee  on  Abortion,  the  situation  Obviously,  a .Select  Committee 

tl to  allow,  tor  the  in- ‘formally  requested  in  toe  tl,e  eaTjier  contracts  depended  was  particularly  ironic  as  the  is  too  blunt  an  instrument  to 
A v irther  water  from  the  Association  of  the  Clergy  s more  on  the  type  of  contract  (for  Committee  was  set-up  only  a year  probe  many  of  the  delicate 
’*  autumn  rain;  At  the  Report  bn  clergy  pay  and  confli-  example,  reimbursable  or  fixed)  after  an  official  Committee  itbe  matters  now  entrusted  to  tbeir 
‘ . of  course,  there  is-tions  to  be  published  later  tms  nn(jer  which  they  were  operat-  Lane  Committee)  had  reported  investigation. 

icer  capacity  available . month  In  the  bulletin  of  Jb®  -ing  than  on  any  other  factor.  (in  three  detailed  volumes)  its  Modern  life  and  modern  tech- 
leap  hire  dire  to  the  Srebohin-Rowntree  Studentship  interna!  studies  designed  to  findings  and  conclusions  from  oology  arc  too  complex  for  what 
fcp.  . The  tankers  are'  Fund  Low  Pay.  Unit.  It  !S  estahtish  RDL  North  Sea’s  com-  a thorough  three -year  In-  are  often  also  controversial 
if-,  in  West.  Norway. obviously  essential. that  our  pay-  petitive  position  have  demon-  vestigation.  matters  to  be  quickly  understood 

* to'  the  water  outfalls,  masterff  shoaltl  be  in  close  touch  that  ^g  cost  at  which  the  During  the  debate  In  the  House  by  people  with  many  other  inter- 

VB  brokers-  are  with,  their  employees  at  grass-  Brent  “A”  platform  was  built  was  of  Commons  that  resulted  in  the  eats  and  responsibilities.  Those 
already  receiving  In-'rodts"  ' level  • in'  the  decision-  a Tery  competitive  one  and  that  appointment  of  the  Select  Com-  giving  evidence  are  often  experts 
'•  hire  of  tankers- for  .making  process,'  and  at  present  tbe  Methil  cost  structure  and  the  mittee,  Mr.  Leo  Abse,  MP,  sup-  with  a particular  axe  to  grind: 
..'.water.  Preparation  such.  liaison  is  virtually  non-  productivity  levels  achieved  ported  its  setting  up  in  the  wake  those  hearing  it  are  amateurs. 
•■  -'.4 for  carriage,  of.  water  existent.  there  will  stand  comparison  with  of  the  early  inquiry  saying:  “ The  Parliamentary  time  and  money 

ikes  time  and  can  be  It  Is  also  : agreed  that  a -those  at  any  other  U.K.  yard.  matter  should  not  be  left  to  an  are  in  short  supply:  tbe  Parlia- 

leally,  new  . tankers  thorough  examination  of  the  true  • ■ As  regards  this  company's  tech- outside  committee  such  as  tbe  men  tary  Committee  may  well 

-■  employed,  as  these  :posltipn  of  :the  Church  Com-  nical  competence,  the 'following  Lane  Committee.  However  bard  have  been  a useful  device  when 
- '.’-.rted.  by  .bill"  lit 'the  jcnissloners*  • finances  is ' urgently  telex  received  from  the  managing  working  it  may  have  been,  the  the  pace  of  life  was  slower  and 

AU  details  M their  director  of  Shell  Exploration  and  Lana  Committee  lacked  the  knowledge  was  limited;  to-day 


- .-.ited.  by  .bill"  In  'the  jcnisslbners*  • finances  is ' urgently  terex  received  from  the  managing  working  it  may  have  been,  the  the  pace  of  life  was  slower  and 

tight  -.situation  such  required.  AU  ’.details  jrf  their  director  of  Shell  Exploration  and  Lana  Committee  lacked  the  knowledge  was  limited;  to-day 

*nkei»-  sire  avail  able,-  assets,  investments  hdd  income  Production  following  tbe  load-  exposure  to  public  opinion  that  there  can  be  no  justification  for 

>ftight.raies  Improving,  must  be  fully  disclosed,  and  the  out  of  the  Brent  “A”  platform  we  possess  and  our  worldliness”  the  continuation  of  that  system 

nslhtly*  the  amount^of.' existing. veil  of.  secrecy,  removed,  structure,  speaks  for  itself:  “The  (Hansard.  February  7,  1976).  and  it  is  to  be  hoped  that  the 
Ofge,-  including  new  The  laity  have  every  right  to  high  .achievement  in  terms  of  During  the  Committee’s  pro- PEP  study  Is  the  first  nail  in 
^^ending"  to 'diminish,  know  precisely  how  tee  Church's  craftsmanship  and  engineering  ceedings,  the  “worldliness”  its  coffin. 

ffifgiflt  to  bear  in  mind  present  resources  are  being  represented  by  tee  'completion  appeared  to  express  Itself  in  a Diane  Munday- 

SBropriate  loading  and  deployed 'if  they  are  to.be  ex-  of  the  inshore  phase,  of  tee  Brent  variety  of  ways.  For  instance.  Half  Pint,  22  Bretchouse  Hill, 

i facilities  -also  take  peeled  to  respond  wholeheartedly  “A*!  fabrication  ranks  second  to  when  I was  part  of  the  delegation  Whenthomprieed, 

*'iare.  - to  the  Chiirch  Commisripners*  bone  in  the  history  of  the  from  the  British  Pregnancy  Ad-  St.  Albans,  Herts. 


14 


COMPANY 


7 


DIVIDENDS  ANNOUNCED 


. Jtke  Financial  Times  Tktu^iay  August- 19  1976  < 

® Woolworth  up  3.89 


ft 


A 


Acrow  expands  by  34%  to  £8.03m. 


Acrow  : . 

AUlt  and -WflHU?. int 

J.  Bibby  and  Sous  ...int 
Britannic  Assurance  int 
British  Aluminium  -;.int 


TURNOVER  FOR  the  year  to 
March  31, 1076.  of  Acrow  increased 
by  30  per  cenL  to  £104.33m.  and 
pre-Uia  profit  was  up  by  34  per 
cent,  io  £8.03  m.,  after  an  advance 

from  £2. 3m.  to  £3m.  at  halfway. 

Earnings  per  2.1p  share  for  the 
year  rase  from  8.59p  to  13.0Sp.  and 
the  dividend  is  effectively  raised 
from  1.S443723P  to  2.Q2SS1P  net 
with  a final  of  l.02SSip..  .-  - ■ ■ 

The  chairman,  Mr.  A.  de 
Viswr.  says  thaL  these  results  were 
achieved  when  most  home  and 
foreign  competitors  were  showing 
declining  profits.  They  were 
achieved  through  greater  produc- 
tivity and  an  all  export  effort- 
exports  increased  by  67  per  cent, 
to  £57.37m. 

The'  directors  believe  in  invest- 
ing  in  Britain  and  are  undertaking 
the  heaviest  capital  expenditure 
programme  ever,  which  will  bring 
considerable  added  capacity  in 
1977 -78,  the  chairman  adds.  Last 
March  the  directors  approved  a 
£3m.  programme. 

The  company,  an  international 

engineering  group,  has  interests 
in  construction,  bridging,  mate- 
rials handling  and  genera] 

engineering. 

IBij-TH 

r 

104  XU.439 
2.  >27.1103 


v-  WBEX  TB  COMPANY  HIGHLIGHTS 

Company.  • . , 

Page 

Col. 

Company 

Page 

Col. 

Acrow 

14 

1 

Edinburgh  & Dundee 

14 

6 

Anglo-American  Secs. 

18 

3 

First  Scot.  American 

15 

3 

Ault  & Wiborg 

IS 

. S 

Inchcape 

16 

5 

BCA  --  ....^  •*- 

‘ 18 

3 

International  Inv. 

14 

7 

Bibby  (1.) 

14 

4 

London  & Midland  Inds. 

18 

7 

Blue  Circle 

14 

6 

Melody  Mills 

15 

3 

Capital  & National 

14 

1 

Reckitt  & Co  [man 

15 

1 

Charterhall  Finance 

78- 

' 8 

Star  Offshore 

14 

S 

Clarke  Nickolls  . 

15 

2 

Sunley  (Bernard) 

14 

2 

Cooper  industries 

14 

5 

Tube  Investments 

18 

1 

Cowan  de  Groot 

14 

"3 

Unilever 

15 

-4 

Crouch  Group 

18 

7 

United  Dominions  Trust 

18 

6 

Dreamland  Electrical 

15 

""  5 

Woolworth  (F.W.) 

14 

7 

tin ums  to  increase  in  the  current 
year  with  orders  for  the  1976 
Christmas  currently  running  at 
record  levels:  Thus,  with  the 
electrical  side,  now  enjoying  much' 
better  conditions  after  the  halv- 
ing of  VAT  in  the  last  budget,  the 
chances  of  a substantial  improve- 
ment look  good:  The  expansion 
policy  has  weakened  liquidity 
somewhat  since  the  end  of  last 
year  but  borrowings  are  still  no 
more  than  about  a quarter  of 
shareholder's  funds.  This  pro- 
vides added  baching  for  the 
shares  which,  at  32 p.  yield  72  per 
cent.,  covered- 3.4  times,  on  a p/e 
of  5.8. 


Cooper  Inds.  0.38 

Cowan,  De  Croot 

Crouch  - 

Dreamland  

Edin.  A Dundee  1 
EUis  & Co.  (Richmond) 
Group  Investors  1... 

Group  Investors  Dfd.  _ 
International  In.  Tat  inL 

Kwahn  - 

McKay  Secs:  

Melody  Mills  ....: : 

John  3L  Newton  

Beckltt  and  Colnian  int. 


- 

Date 

Corre- 

Total 

TotaL- 

Current 

of 

sponding 

for 

payment 

payment  dm. 

year 

“year-.: 

LOS 

— 

0.87* 

2.03* 

L84*  -. 

0.6 

Oct  15 

LI 

L7-'  : 

2.0(A) 

Oct-  2 ■ 

3.4 

— » - 

-032 

2L84 

Oct  1 

2M 

' 7.47 

5.0 

Oct  8 

L0  . 

-O’ 

. 35--. 

1(B)  . 

Sept.  1 

— 

23 

'30-5 

0.38 

Oct  1 

QJS2 

0.74 

067 

1.05 

_ 

0.74* 

L53 

: • 1£B* 

1.79 

Oct  7 

1.6 

2.68 

. 2.44-. 

0.75 

Oct  S 

0.7 

— 

2.07  - 

1.2 

OcL  4 

102 

— •’ 

. 2J8- . 

1J 

Oct  SO 

L03 

LL 

Dos:.- 

0.B8 

Oct  4 

' ass 

1.55' 

LA-. 

033 

Oct  4 

nil 

■0.52 " 

an 

at 


i 

1.3 

0.7 

2.6 

057 

4.17 


sept  39 
Sept  20 


B.  Sonley  Lav. 23 


B.  Sunley’s 
loss  down 


Turnover 
Profit  before  tax 
Tjnilira  ■ • ■ 

v.»i  profit  •• 
Exrrnnni  item 

and  iMinnreies 
.\lirih-il.i  bl»- 
Plvi'li-nd*  ..  •• 
Retained 
■ Afii-r  double 


3.IW-.817 


I9T4-77, 

t 

5.9*5.559 

:i.332.fi33 


to  £0.49m. 


67.MS 
3.761.363 
1.I44.M6 
2.61  S.4 1" 
relief 


I77.IE1 

2,116.00.1 

I-MOVIM 

1.107.7.3 

£112.761 


.'M.r.M'  and  including  overseas  us 
rs:».l«  and  iran-ifer  io 

deferred  lax  X1.33D.411  tl3.lW.7a*  i. 
r Debit. 


• comment 


A me  of  3-1  per  cent,  in  pre-tax 
profits  at  Acrow  continues  the 
growth  trend  of  the  past  two 
years.  Exports  account  for  nearly 
all  the  30  per  cent,  improvement 
in  sales,  following  an  export  drive 
in  the  Far  and  Middle  East.  Slock 
control  has  also  contributed  to 
the  performance,  with  stock  turn- 
over up  by  27  per  cent.,  enabling 
borrowings  to  fail  and  interest 
charges  to  remain  stable.  How- 
ever, the  strong  record  of  pre-tax 
profits  has  not  -been  reflected  in 
the  earnings  per  share  until  now. 
The  acquisition  of  the  Steel  Group 
knocked  them  down  by  29  per 
cent,  in  1972-73.  they  recovered  in 
1974-7.1.  but  only  this  year  has 
substantial  growth*  been  shown 
against  the  c.p.s.  of  the  Pre-Steel 
Group  days  (C!p  against  the  3.9j> 
of  1972i.  At  B6|i.  ihc  shares  are 
now  on  a p e of  10  and  yield  4.S 
per  cent. 


Capital  & 
National 


IN  LINE  with  expectations  of  a 
substantially  reduced  loss.  Bernard 
Sonley  Investment  Trust  reports 
a pre-tax  deficit  of  £489,000  for 
the  year  to  March  31.  1976  against 
£2.:»m.  for  1974-73.  At  midway 
the  loss  was  £L26m.  compared 
with  £3 .47m. 

The  directors  say  that  in  the 
current  year  sales  of  UJ\.  proper- 
ties. already  negotiated  should 
produce  pre-tax  profits  of  £4m.  of 
which  £3.75m.  has  already  been 
credited  io  capital  reserves  on 
previous  revaluations. 

There  should  be  an  increase  of 
some  X0..>in.  in  rental  income  as 
a result  of  rent  reviews  and  new 
lettings  less  the  loss  of  income 
Trom  properly  sales. 

Bernard  Sunley  and  Sons  fore- 
casts a further  improvement  in 
profits,  and  at  Sunley  Homes 
results  should  also  be  better. 
Trading  operations  of  (be  lsala 
2000  resort  should  also  improve 
and  a reasonable  level  of  apart- 
ment sales  should  be  possible. 

The  loss  per  2op  share  for 
1973-76  is  shown  at  L56p  (14.9  pi 
on  a nil  dividend  basis  and  at 
5.56p  (IS.SUp)  on  an  actual  divi- 
dend basis. 

The  final  dividend  is  held  at 
2.235lt>9p  net  for  an  unchanged 
3Jj-7p  total. 

Net  assets  per  share  stood  at 
293 p (3I2p)  per  share  at  the  year 
end.  Group  capital  reserves  de- 
creased by  £L.92m. 


interim  stage  that  it  was  un- 
likely to  produce  a profit  last 
rear.  but  the  eventual  £$m.  pre- 
tax loss  still  sent  the  shares  2p 
lower  yesterday  to  108p.  The 
outlook  Litis  year  however, 
appears  to  be  brighter.  Inquiries 
for  Isola  apartments  are  con- 
tinuing to  pick  up  and  sales  at 
the  slimmed- dawn  housing  divi- 
sion are  moving  upwards.  So, 
apart  from  the  projected  £4m. 
capital  surplus  on  sales  of  in- 
vestment properties,  the  group 
should  be  able  to  produce  at 
least  a small  trading  profit  this 
time.  In  the  longer  term.  . the 
chances  of  the  group  staying  on 
an  upward  trend  also  seem  good, 
given  that  its  contracting  side  bas. 
a £100m.  work  load.  The  main- 
tained dividend  provides  a yield 
of  5.7  per  cent. 


J.  Bibby 
forecasts 
over  £3m: 


Tube  Investments  ...int 

United  Tin  Areas  

F.  IV.  Woolworth int 


8.8 

1 

153 


Oct.  1 
Oct  1 
Jan.  7 
Oct  5 
Oct.- 17 
Oct  5 
Oc  t S 


15 

0.7 

257 

0.79 

3.78 

±3 

S.Q 

nil 

153 


15 

1.4 

2.6 

259 


355 


— ' ;•  355 


Dividends  shown  pence  per  share  net  except  w here  otherwise  L2  per  cent  In  the  Ar**^ 


A FURTHER  substantial  rise  in  Investment  Trad  was  uncK- 
turnover  and  n small.  Increase  In  at  fWBnv,  subject  :io  tr  - 
nrnfits  are  announced-  by  stores  £0-32m.  against  1054m,  . 
Soup  F-  IV.  Woolworlh  and  Co.  revenue,  totalled  £919,814 
Pre-tax  profits  for  the  six  pared  with  £911,631. 
months  to  July  3L,  I97B  were  The  interim  dividend  pi  ' 
ft;  3m  against  £11.7m*  an  share  is  increased  from  0.9f 
increase  of  3.S  j»r-  cent  Turh-  net  at  a cost  of  £342,546  (53  * 
over  rose  by  17.7  per  cent  from  but  the  directors  say  tin 
£3fi8.S9m.  to  £316.4tim.  carries . no  implication  as 

A quarterly  analysis  shows- that  year's  total.  Last  year's  to? 
the  improvement  was  slightly  2p  from  revenue  of  £1.4iin. 
more  rapid  during  the  second ' Net  asset  value  per  shan. 
quarter  than  lh  the  first  Sales  deducting  prior  charges  a 
in  the  second  quarter  rose  by  ISA  at  July  31  was  77.1p  (:  . 
against  165  per  cent  in  tnc.nral  January  31).  Full  inn 
_ three  months.  Trading  profit  currency  premium  75p  (12 
' margin  rose  from  39  per  eent  m sale  -oi  investments  at 
the  first  quarter  to  5.5  per  cent,  valuation  would  result  In 
-1796  in  tfjp  second  and  pre-tax  profiti?  23  per  cent  of  the  in« 
showed  an  increase  in  the  second  currency  premium  where 
quarter  oF  59.  per  cent  against  aJjle  j^p  (Sp). 


M5 
-1 A 
:-29r 
-151 


stated.  In  View  of  the  depressed  level  1>8p  (3.935). 

stated.  ...  . • . ...  x -iv.,  r — —^ndiriR-  compared  “ - 


Liability  for  tax  on  capiti 


* Equivalent  after  allowing  for  scrip  issue,  t On  capital  mcrease^  of.( S \St  52? 
by  rights  and/or  acquisition  issues,  (a)  Increased  to  reduce  dispacrty..with  the  first  half  of  iMt  year, 
(b)  Net  of  Jersey  tax  throughout  fnr  tlMi ***  rannths 


FIRST  HALF  IBTfi  pre-tax  profit 
of  J.  Bibby  & Sons  expanded  from 
£0.4m.  to  JELSSnu,  and  the  chair- 
man. Mr.  J.  B.  Bibby  indicates  an 
increase  from  £2. 11m.  to  over  £3m. 
for  the  year. 

In  view  of  the  half  year's  results 
and  the  favourable  prospects, 
the  directors  would,  in  the  absence 
of  Government  restraint,  have 


from  J.  Bibby — trading  and  pre- 
tax profits  up  by  71  per  ccnL.  and 
29a  per  cent,  respectively— took 
the  shares  Sp  higher  yesterday  to 
H4p;  a new  high  for  tbe  year. 

Features  of  the  performance 
include  a turn  round  to  profits  by 
the  edible  oils  division,  and  a 
strong  trend  from  feeds — the  pro- 
longed drought  is.  obviously  AVENUE 


Edinburgh 
& Dundee 
advance 


the  results  for  the  six  months  can 
be  considered  to  be  reasonably 
. satisfactory,  the  directors  state. 

- it  is  anticipated  that  the  sales 
-gains  for  the  remainder  - of  the 
vear  should  be  approximately  in 
line  with  the  increase -to  date, 
they  add.  Turnover  for  the  year 
to  January  31,  1976  was  £607.68nu, 

and  pre-tax  profit  53655m. . • 

. An  unchanged  interim  dividend  the  .current  year  by  63  p 
of  l525p  net  per  25p  share.  Last  Tbe  terms  of  tbe  rights  fe 
year’s  total  was  3.95p.  one-f ox-three  at  37p— the 

There  was  an  excfiange  loss  on  closed  unchanged  at  34b 


ISSUE  NEWS 

Buckley’s 
l-for-3  right 


Buckley's  Brewery  is  pr 
to  raist-' £684,000  by  way  of 

issue  and  increase  its  divit 


been  considering  significant  in- 
creases in  both  the  interim  and 
forecast  final  dividends,  and  intend 
to  recommend'  dividends  more 
appropriate  to  tbe  level  of  profits 
as  soon  as  circumstances  permit. 

The  interim  dividend  is  raised 
from  1.4  to  2p  net  per  £1  share. 

Ttais  will  reduce  disparity  between  cenL,  though. 


.ssaai  ^ “St 


Proceeds 
to 


of  the  issue 


interim  and  final — 3:921  p for  1975. 


sSea.sOne  danger  is  that  asi  c»n-  ^ less  adjustments,  in  respect  of 

modity  pric^  rise,  interest  £^j£ivt03iLi978  net  overseas  subsidiaries  used  to  help  finance. B 

charees  in  to  second  half  may  J?"  J?  ^of  £1553,000  compared  with  a expanding  investment  pro 

reverse  the  downward  move- at  compared  wi?r  similar  loss  for  the  whole  of  last  in volring  refurbishins  ■ 

tbe  interim  stage.  Nevertheless  interim  ^ year  of  £1,714,000.  ...  SS^iTbSMta! fSe" 

overall  profits  for  the  year  could  from  L12p  t0  ^ nel  p®r  asp  « comment  wv'- 

reach,  say.  £35m.  for  a prospec-  g^are — dividends  for  the  year  * COmmem.  the  ^ fc^c"’fry-  . . - 

tive  p re  of  65  and  yield  of  S per  ended  January  31,  1076  were  2-5?  Against,  a background  of  rtagnurt  r>> iSS?SL;“p!?rlt«3g 
cent,  though,  there  is  unlikely  to  an(j  rerenue  £2  41m  consumer  spending;  t,  ,W.  remon  of  5612JWQ, 


Cowan  de 
Groot  ahead 
to  £1.25m. 


Salas  

S6vk<i.  S2  wts. 
1978  1975  WK 

- am  pjuo  fern 

MjU2  6IUS3  120.VSB 

Tradirw  surplus  ... 

Lm 

J-220 

1533  ■ 

Interest  

SRI 

asi 

1.334 

Share  associates  -. 

- .38 

."J 

IDS 

Front  before  lax... 

U7& 

w 

340S 

Taxation  — 

- am 

^H7 

M5 

Net  wnfii  

. TSfi 

iat 

uen 

Evtranrd.  credits  . 

ISO 

u 

•2J-MJ 

A Ctrl  hoi  able  

808 

2S5 

*838 

Deprecn.  charged  . 

wr 

K93 

1^43 

be  much  steam  left  in  the  shares, 
which  are  already 
low  for  this  year. 


lStS-TS  1974-75 


Gross  income  of  The  Capital 
and  National  Trust  increased  from 
£S79.4RS  to  5361.053  in  the  veer 
to  July  31,  197fi,  and  revenue 
available  for  distribution  advanced 
rrcim  £470.918  to  £527,684.  after 
tax  of  £337,353,  against  £319.699. 
eic. 

Earnings  per  25p  Ordinary  rose 
from  3.4Sp  10  3.fip  and  the,  divi- 
dend is  stepped  up  from  35'3p  lo 
3.5p  net  with  a final  of  2.3p.  An 
unchanued  interim  of  lp  is 
declared  in  respect  of  the  current 
jear. 

Holders  nf  the  “B"  shares 
receive  a scrip  issue  of  24,984 
" B " shares. 

Net  asset  \alue  per  Ordinary 
and  “ B"  share  was  I28p  (104p). 


£000 

HUM 

Net  properly  in-.-nrae  

3.1-11 

2J20 

Trading  profit  

SK 

•Cl 

B.  Sunley  and  j«hl>  ... 

i in 

■is 

SanU-y  Home.  

•w 

4^0 

r .,la  .TWO  

«»s 

Sundries  

*.w 

9 

Sartilu.*:  prop,  ‘■elevt  

950 

— 

Iniercrt 

5 41S 

4^39 

Loss  before  tax 

«n 

2JS2 

Tax  

4t» 

KS 

8W 

■>*.711) 

2.T43 

4 4M 

Frmn  cap.  reserves*  . - 

UP 

Interim  dividend  

■:fi5 

265 

Final  prupn.aea  

38T 

3fli 

FROM  the  increased  turnover  of 
£19.9Sitl.  compared  with  513.89m., 
profit  of  Cowan  de  Groot  im- 
proved from  £l.lm.  to  5155m.  for 
the  year  to  April  30.  1976,  subject 
to  tax  of  50.69m.,  against  £0.59m. 

In  the  first  six  months  profit  was 
up  from  50.5m.  to  £9. 36m. 

As  forecast  the  final  dividend  is. 
1.0502p  net,  which  raises  tbe  total 
from  an  adjusted  1.262p  to  15502p 
per  ]0p  share;  stated  earnings  are 
55p  (5.5p). 

The  directors  report  that  toy. 
machinery  and  hardware  sales  are 
currently  well  ahead  of  last  year. 
The  higher  price  bracket  consumer 
electrical  items  present  at  least 
a partial  recovery  situation. 

The  company  is  now  well  poised 
for  further  expansion,  and  if  sales 
continue  to  increase  at  the  rate 
experienced  so  far.  they  “confi- 
dently look  forward  to  an  excellent 
year,  with  significant  growth." 


• comment 


1.337  I'TU 


Canned  forward 
- Lo*;..  t lncindr<i  surplito  on  revalua- 
tion nf  rlir  pro  porno-.  .-1  itarefi  31.  1973. 
over  cum.  iran-f- mtl  Irwn  capital 
reserve  iTSf.OM.  uni  esen*  «t  sale  pm- 
CiH-ds  'over  valnaiKiii  at  March  31.  1973. 
iUW.Wm.  Include.  inji'r<>;t  oi't,.  of 
■Sun lev  Hiinint  prcvmu.'j  added  fo  land 
and  work  to  nrn^re- ..  7 Profit  after  rax 
■m  sale*  of  proportion  and  investment*  m 
previous  vear*. 


• comment 

Bernard  Sunley  announced  st  the 


First  time  contributions  from  two 
acquisitions  kept  Cowan  de 
G root's  pre-tax  profits  moving 
ahead  last  year  despite  a fall-off 
in  volume  at  the  electrical  divi- 
sion. caused  by  the  imposition  of 
a 25  per  cent.  VAT  charge  nn 
luxury  goods  in  the  April  1975 
budget  Machinery  also  suffered 
a downturn  last  year  and  the  toy 
side  which  benefited  from  a good 
Christmas  period  Was  the  only 
major  division  to  show  an  im- 
provement. Toy  sales  are  con- 


DeUts.  Tn.-dudes  0,132.000  relating  to 
Clp-Znu.  * Loss. 

The  edible  oils  division,  which 
traded  at  a loss  In  tbe  first  half 
nf  1973,  has  recovered  to  a modest 
level  of  profitabQhy.  while  the 
feeds  and  seeds  division  showed 
a substantia]  increase  in  trading 
surplus  to  achieve  a record  first 
half  result 

Henry  Cooke  and  the  farm 
products  division  traded  satis- 
factorily to  produce  profits  similar 
to  those  of  1975.  All  the  results 
are  after  absorbing  increased 
depreciation  resulting  from  the 
revaluation  of  group  properties 
at  the  heeinning  of  the  year. 

Mr.  Bibby  points  out  thal  ail 
divisions  will  face  higher  raw 
material  costs  during  the  second 
half  and  may  put . pressure  nn 
margins  in  some  cases.  However, 
the  general  trading  outlook  is  in 
other  respects  favourable. 

Detailed  discussions  on  the 
acquisition  of.  Broad  Acres 
(Wrolstad)  should  he  completed 
before  the  end  of  the  year.  • 

As  expected,  the  second  of  the 
three  promissory  notes  in  respect 
of  the  deferred  portion  of  the 
consideration  for  the  sale  of  the 
group’s  interest  in  Clp-Zoo  S.p-A. 
has  been  dishonoured  by  the 
purchaser,  Liquifin  A.G.  Legal 
action  in  respect  of  the  default 
has  been  taken. and  legal  action 
in  respect  of  the  promissory  note 
which  was  defaulted  on  in  August 
19<o  is  also  being  continued. . - 


Recovery 
at  Cooper 
Industries 


t in  the  shares,  second  half  indications  are  fdr  VVoolwortb's  battle  to  increase  its  M 

4 Dp  above  their  a further  increase  in  earnings,  market  share  Is  succeeding  but  it  »^^^9mpensation 

the  directors  sav  jg  having  lo  areept  first -ha  If  a ufhontnss  regarding  tha 

During  the  first  half,-  57.5m.  margins  05  per  cent. Jower  as  *>urchase  of  sever 

were  borrowed  on  a short-term'  part  of  the  pnee.  Third-quarter  hotwei  - 

basis  to  replace  investment  fibres  are  likely  to  be  depressed  As .at  Aupist  L the  a 
currency  sold  in  the  premium  ^ comparison  with  last  year’s  oveJdrafta  £KM  ' 
market.  The  proceeds  of  these  bonanza,  but  a recovery  in  the  b3™  overdrafts  of 
sales  have  meantime  been  put  on  fourth  quarter  visa-vis  the 
deposit  in  the  ILK.  and  have 

a beneficial  effect  on  revenue.'  ...  - - 

is  intended  to  convert  - io  pre-tax  profits  to  £40m.  for 
The  market  value  of  neV  assets  die  full  year.  A.  £15m.  exchange 
stood  at  530.16m.  at  July  31,  1976,  loss  on  the  Striss  Joan  means  that  ThedUrertora  intend  U 
compared  with  £S0Ji4m.  -at  the  interim  dividend  has  been  fan  lk«  rail* 


Turning  to  the  current 


hS  depressed  level  .pf  1975-78.  should 
j;  & allow  around  11  per  cent  growth 

- in  nrp.MT  nrnfita  tn  £40m  for  at  a J®'®*  P^r  Cent..  I . 


A SECOND  half  upsurge  from  compared  with  £S054m.  -at 


£395^91  to  £745526  reversed  the  January  31,  1976— asset  value  per  P»id 


by  dipping  into  reserves:  ***  for  the  W endin8 


. Oi,  J.5MO — asset  vaiue  per  1077  amatmtinn  to  If 

first  half  downward  trend  at  share,  after  deducting  prior  However,  a final  £0.75m.  provision  ’ 

- - - nor-  .....  ,»D.  Mtn.1  in  tht  «vmnri  half  will  wins  thf-  *,c,■ 


in  _. 


Preference  dividends 
Available  Ordinary 

Dividends  


from  £ 13.23m.  to  £1 3.99m.  Unf ranked 

Earnings  per  lOp  share  ex-  Toiol  m-«me  

panded  from  2.4p  to  35p  and,  w> “5“  eraensn 

forecast,  the  total  dividend  is  i^,, 

raised  from  0.67p  to  0.737p  with  Taiaikjn  

a final  payment  of  0577p  net.  Net  revenue 

Tax  absorbs  £94,164  (£296,900) 

—being  group  £221,316  (£288,331) 
and  share  of  associated  credit 
£127.152  (charge  £8,569} — and 
there  is  an  extraordinary  credit 
of  £51,874  compared  with  a debit 
of  £290,683. 

The  company's  interests  are  in 
steel  re-roilers.  precision  engin- 
eering. building  and  bolt  and 
washer  manufacture. 


Cooper  Industries  and  left  pre-  charges  at  par.  was  I385p  (I69p)  m the  second  half  will  wipe  the  T^Tremu-y  l 

tax  profits  for  tlie  year  to  April  including  22Bp  (39Bp)  full  slate  clean  on  this  score,  andthe  ^ JSJifovaL  Ontte' 

30.  1976  ahead  from  £i.05m.  to  currency  premium.  . company  is  now  relying,  on  530m.  „.rfihts ^nrosnectivevfe 

£L12m.  and  further  profit  growth-  «xra>mis  of  fresh  term  loan  facilities  to  »P3SPSS7e  ™ 

is  forecast  for  the  current  year.  lBfs  meet  its  capital  investment  plans,  - Thriasi ueBa «hren  und.- 

Turnover /or  the  12  months  rose  Franks  tamt.  ineomp  bw.om  7oio09  nSf-  b?  Ktetawori  Benson  anc 

£13.99m.  t1  nf  ran  bed  1222,517  mtfi  (against  a net  cash  flow  of  are.Cazenove  and  Compa 

uar.sci  1JM.4S0  last  year).  .VII  in  all,  unexciting  H ■ J*L 

news  for  the  shares,  which  closed 
liaslub  limlSt  unchanged  at  59ip,  where  they 
7*4,732  3js,67s  yield  105  per  cent 

897,748  . i :■ 

23.945 
99B.1IS 
MilTS 


901.194 
29.043 
T7t^4D 
534, 1M 


Blue  Circle 
in  Australia 


International 

Investment 


1976,  revenue  . of 


KWIK-FIT 

Kwik-Fit  (Tyres  and  1 
Holdings’  one-for-four  rU 
ai  par  (23p)  to  mi 
attracted  acceptances  fc 
shares  out  of  3 tola!  r 
shares  on  offer,  or  aboi 
.cenL  of  the  issue.  The  * 
underwritten  by  sAlste/j 

. .company 

International  -A  Stehson,  .the 


For  the  six  months  to  July  3!.  mE^its-~3  company  owne|a| 


Star  Offshore 
turns  in 


Including  share  of  the 


Blue  Circle  Southern  Cement, 
Australia's  largest  cement  pro- 
ducers, is  to  expand  annual 
cement  making  capacity  by  over 
Jm.  tons.  Blue  Circle  Southern’s 
principal  shareholders  are  The 
Associated  Portland  Cement 
Manufacturers— The  Blue  Circle 
Group— and  Broken  Hill  Pro- 
prietary egeb  of  which  - holds 
about  42  per  cent,  of  the  equity. 

Blue  Circle  Southern  has  com- 
pleted tbe  financial  armnge- 


• comment 

A very  impressive  performance 


associate,  group  turnover  of  Star  ments  for  the'  SATQra.  extension. 


Getting  a 


loan  isn't 


difficult. 


Getting  the 


right  loan 


can  be  a little 


harden 


The  detailed  conditions  attached  to  any.toan 
can  make  all  the  difference  to  its  suitability. 

So  next  time  you're  looking  for  finance  for  a 
specific  project,  we  suggest  you  approach 
Anglo-Portuguese  Bank  to  find  out  what  they  can. 
offeryou. 

The  Bankis  wholly  British-o wned-a  member  of 
the  Norwich  Union  insurance  Group— and  has  over 
fifty  years  of  experience  in  helping  to  solve  financial 
problems  for  special  situations. 

One  thing  you  can  be  sure  of;  you’ll  be  dealing 
direct  with  a senior  manager,  who  will  be  able  to 
analyse  your  problems,  propose  sensible  solutions, 
and-most  important-have  the  authority  to  make 
fast  decisions  in  your  interests. 

' Call  Peter  Haycock;  he'll  be  happy  to  help  you. 

Personally. 


Anglo-Portuguese 
Bank  Limited 


NORWICH 
UNION 

muMMSinjuPi 


A member  of  the  Norwich  Union  Insurance  Group 

7 Bishopsgate,  London  EC2N  3 AB.Tel:  01-583  7575 
Telex;  88 8218 


Offshore  Services  increased 
sharply  from  £0.96m.  to  £S.64m. 
in  the  year  to  March  31.  1978  and 
pre-tax  profit  was  £151ra.,  com- 
pared with  £0.95ra. 

Shipping  services  contributed 
£2.55m.  (£0.96m.)  and  diving 

services  £l.lm.  (nil)  to  turnover. 

Stated  earnings  per  50p  share 
are  8.91  p (S.12p)  and  dividend 
total  is  5.6p  net.  with  a 25p  final, 
which  is  in  line  with,  the  March, 
1974  prospectus  forecast. 

The  chairman,  Mr.  G.  W.  Sea  He 
says  he  is  confident  that  the 
company  bas  established  itself  in 
a strong  position  and  as  the 
business  grows  and  becomes  more 
diversified,  the  organisation  is 
being  reviewed  to  meet  the 
changing  circumstances. 

The  £10m.  subscribed  by  the 
■shareholders  in  1974  continues  to 
be  progressively  invested  in  ships 
and  equipment  for  offsbore  opera- 
tions, which,  he  says,  accounts  Tor 
a decrease  in  the  income  arising 
from  temporary  investments  and 
a larger  profit  from  growing 
trading  operations. 

The  expected  downturn  in 
sendees  of  supply  vessels  and  tugs 
was  more  severe  than  anticipated 
and  at  one  time  there  were  more 
than  80  supply  vessels  and  tugs  of 
various  Sags  tied  up  in 
European  ports. 


A PCM  and  BHP  are  jointly  to 
underwrite  the  raising  of  SAl5m. 
of  new  capital  in  Blue  Circle 
Southern.  In  addition  they  will 
guarantee  8A15m.  of  the  SA55m. 
loan  requirement  for  the  project. 
All  these  financial  arrangements 
bave  been  made  in  Australia. 

Tbe  extension  project  consists 
of  a new  730.000  ton  per.  annum 
dry  process  kiln  complex  at  Blue 
Circle's  Bernina,  New  South 
Wales,  Works  and  a 4,500  hp 
cement  grinding  mill  at  Maldon 
New  South  Wales. 

To  provide  tbe  necessary  extra 
raw  materials  the  quarrying  and 
crushing  facilities  at  Marulan  are 
to  be  extended  as  part  of  tbe 
project  The  whole  new  complefc 
is  expected  to  come  into  opera- 
tion towards  the  end  of  1978.  The 
new  manufacturing  facilities  are 
intended  tn  meet  long-term  con- 
struction demand  but  will  also 
aPnw  some  replacement  of  older 
plant 


Makum 

(Assam) 


On  turnover  up  from  £1.6Rm. 
to  £1.96m.,  pre-tax  'profit  of 
Makum  (Assam)  Tea  Company 
north  expanded  from  £400.122  to 
£4RL236  in  tbe  year  to  March  31, 


Supply  vessels  were  cushioned  1976. 
against  the  worst  effects  of  the  Alter  tax  of  £289.756  (£280.206) 
downturn  in  trade  by  the  charter,  and  extraordinary  credits  of 
during  the  winter  months  of  £34.235  1 debits  £1 05.638)  the  group 
three  new  ships  as  support  vessels  profit  comes  through  at  £225,715 
for  tbe  "cod  war,"  he  adds.  ' against  £14.273.  Earnings  per  50p 
Meeting,  Great  Eastern  Hotel,  share  improved  from  4.48p  to 
E.C.,  September  7,  1U0  a.m.  28. Up. 


iS 


■LI  V V 


sik&rs 

International  Limited 

(Textile  Manufacturers  and  Distributors) 


Year  ended  31st  March.  : 1976 


is.l 


dm 


Turnover 

Profit  on  Trading 

Deduct:  Exceptional  items  ( a) 


Taxation 
Add:  Extraordinary  items  (b) 
Profit  attributable  to 
shareholders 

Earnings  per  share 


£ 

> 

3,816,000 

.-  3.37 

176,424 

16 

43,857 

81,967 

• v 

120,000 

wiuirm;i» 

174^46 

iSfersofli 

- ; giend“il  \3 

on  devaluation  of  Naa  £ ‘ ’ I 

currency  and  provision Jar  compensation  for  toss  of  office  in  respect 
. directors. 


(b)  Extraordinary  item  in  1976 represents  af  ter-lax  proceeds ftm.  ,- 

policy.  -•  • ’ '? 


Mr.  Gordon  D.  J.  Hay,  Chairman,  reports : — 

4?  The  dress  fabrics  business  of  D.  Landau  & Son  contin 
produce  satisfactory  profits  while  those  of  the  tradition.^--..,.  , . 
mailing  and  upholstery  business  of  befcers  Fabrics  rec£“l  ■ • ... 
strongly  in  the  last  quarter.  / . . ^ 

4|?  Rigorous  controls  cut  stock  levels  despite  i u creased  tqH  • j ^ . 
and  effects  of  inflation.  . . ._  • i 

Borrowmgs  reduced  from  £726,633  to  £479,041.  • •*  - . 

Improved  management  and  production  control  svstefdV’-T,..,  __ 
bcingTinplcmerited  at  the  Whitehaven  manufacturing ' " - 'f  ■ !* 
a marketing  strategy  k being' introduced  Lo  develop  neiv';  K Vi  . ^ 

of  business  both  .at  home  and  overseas. 

4|t  In  order  to  have  sufficient  funds  available  trimeet  nk^. 
capital  investment  and  anticipated  increased  trading^Wji'^^ , , 
final  dividend  of  O.jip  recomoiendrij.  malting  total  of  1.1^ 
share  compared  .with  1 ,5p.  per  share'  lor  1973. 


Head  Office:  Wlutebaven,  Cumbfia  CA  28  8TI 


Hodson  Lynch  apecilisss  in  providing  unsecured, 
export  and  import  finance  at  substantially  lower  than 
current  market  rates. 

The  Company  operates  only,  in  association  with 
•leading  American  and  European'  banks.  Hodson  Lynch 
finance  packages  are  based  oh  ah  original  and  exclusive 
concept  of  financing  overseas  trade  that  provides  very 
substantial  savings.  Loans  from  £100,000  to  £100  million 
can  be  accommodated  with  repayment  periods  from 
90  days  to  5 years,  at  2%  to  5%  below  prevailing 
U.K.  rates.  . 

With  representation  in  major  overseas  centres 


Hodson  Lynch  Involvement  and  experience  is 
world-wide.  Hodson -Lynch  clients,  cover  a broad 
spectrum  of  interests  and  activities. .The  'Company's 
expertise  in  the  financing  of  international  trade  is  useC' 
by.-pverseas  governments,  major,  banking  groups, 
multi-national  companies  and  a .wide  range  oi  Industrie 
and  commercial  enterprises.- 

For  further  information  complete  the  coupon 
below  or  write,  phone  or  telex  us  direct. 

Hodson.  Lynch.  Limited,  International  Trade  Finanq 
5Zi  South ^ Street,. Dorking,  Surrey,  BH4.2EZ,  England 
. Tel:  Dorking  (0306) 31588, London (01> 721  Q542.Telex: 


•‘v 


To : Hodson  Lynch  Ltd.,  International' Trad© Finale,  o 7,  Soutii  Street , Doriting,  Surrey ,T?H4  Lnglu 

- Telephoct  Dorkuig  (0306)  87508.  Lcmdart  (01)  ’Z27  uS4i.  Tfflex23S61. 


Position 


Company 

• .-  ;•  :?  ■ 

Address-  . 

: 

' - 

.Telephone  Number 

Hodson  lynch  Ud  [___ - . .; 


15 


' #*? ' f'  '‘b~'T:l  *77^2  l~ 


Sursd^rAugu^ti  A 1976 

an 


Unilever  up  to 
£255m.  so  far 


■■f  jySaAMBS'  ap^wigffjSjhiiurto'  ....  ...  ... 

l - jCttow^^aMiid  - BOARD  MEETINGS 

££I27mi  Jto  £2Q,7niu  ixr  the 


.....  n»  nutawme 

V.  - . ^vTear  to  July  .3.  0978,  indud-  4«m  of  Board 
££S9au ; <£132m.).  arisws 


?i  j.  \ . . . 


5;*.  * OIWWMI  Total  was  «-6j8VJ> 


profit  £35A2aL. 

.S.nDR-lMK 


Zmrrst- 
T. 

_ CJarjM.  Rarturd  Clay,  Ertaio  Bouse 
s timwtfflwu.  Ttnst.  HOI  and  Smith.- JOha- 
soa’  Gnnpr  draacrs,  lec  Refrigeration, 


Jt  is*. 


fin.' 

• -jEm. 

-,'W- 

1975 

••  attc. 

■--T&iO 

:'-S3as- 

- - 4U8 

STJO 

StM 

flT.og 

-2  4S.1V 

-.  -W.15  - 

19.73 

■17  M 

J*4S- 

1X37. 

. ssm 

ELM 

1^3 

. . £59 

2US. 

_ . 2US 

3.32 

" .>£5# 

S-St 

. 1-M 

- 4iW 

- --  2.S2 

•’  4.T9 

. 3.81 

- -358 

. 3-25 

< . US 

0.49 

O.X 

..  -2M- 

.152 

3B.70- 

17.37 

11J9 

1 7,69 

IS  51 

9.65 

ISO 

1*1  - 

».« 

0.08 

7U4- 

:.  &56 

1.39. 

DJ4 

15-13 

7.71 

lnoorporawil. 

Consolidated 


Tax  for  the  six  months  takes  SECOND  quarter  combined  pre- 
£35,000  agaizut  £77,000  leaving  the  tax  profit  of  Unilever  Ltd.  and 
net  balance  up  from  £62,855  to  Unilever  NV  doubled  to  £1 40.7m.. 
i.  have. notified  £26,246.  giving  a first  half  1976  figure  of 

*®“* 'amSsi  Tbe  c°i®pa»V’s  interests  lie  in  £255 Jip.,  an  increase  of  150  per 

T *5,;  property  investment  and  develop-  cent,  on  the  very  depressed  first 
......  - 5. 

attributable  level  the 
rose  155  per 
giving  a midway 
per  cent  to 
£ 123.4m,  including  £6S.6rn. 

i£6.7m.)  from  NV.  Sales  were  up 
from  £329bn-  to  £3.72bn. 

Tbe  attributable  profit  for  the 
1976  half  year  included.  £9.1  m, 
arising  on  recalculation  of  1976 
results  at  end-June  1976  exchange 
rates 

Volume  sales  in  the  second 


further  £668243  of  its  41  per  cent 
convertible  unsecured  loan  stock 
leaving  £5279,608  outstanding. 


Wood- 


Melody 

Mills 

doubled 


Ault  & 
Wiborg 
recovery 


AH Sr 


on  EMIiHeff.  f,  s. t Hxtcllffe 

PRETAX  profits  almost  doubled  qu^t'^w^^a^in^sul^n" 

- - , turnover  ahead  Sally"  above  that  of  the 

.. — Sent,  a ?rom  to  £629m,  is.  reported  corresponding  previous  quarter 

grate*- ■ -• - sew-  3 „y1«wWaIiR?,per-  manufacturers,  and  accounted  for  the  greater 

n MC^y„RM/^c  ,or  the  yti&r  to  P«rt  of  the  12  per  ccnr.  increase 
Mafth  31.  1976.  m sales  value  to  £l.S9bn. 

At  balway  when  announcing  an  par  ihe  first  half,  stated  earn- 
...„-Aus-  24  advance  from  £119.000  to  £273,000  ings  per  25p  share  were  2322p 

- Aiac.  M liie  doctors  said  that  indications  (i023p). 
wore  that  profits  for  the  second  in  1975  pre-tax  profit  was  a 

• half  would  maintain  at  least  the  record  £34  0.3m.  and  dividends 
" •’  same  rate  as  for  the  first  half.  totalled  13.67p  ncL 
irtBg  the  Yearly  earnings  per  25p  share  In  Europe  the  recovery  of  sales 
tKT  are  shown  - u>  have  risen  from  and  profits  of  all  the  main 
* I0.7p  to  212i>  and  the  dividend  is  product  groups  continued,  particu- 
prpQueca  increased  from  2265p  lo.2.6p  net  lariy  for  edible  fats  and  products 
at  a cost  of  £45,212  (£41,126)'.  for  industrial  uses,  which  were 
•aiseo  on  Aiter  tax  of  £387,075  against  most  adversely  affected  in  1975, 
£194,087  the  net  balance  emerges  the  directors  say.  The  warm 
up  from  £1852^9  to  £372,193.  summer  in  most  of  Europe  con- 
More  than  double  export  sales  tributed  lo  good  ice  cream  results, 
of  £LS9m.  (£0.fiSm.>  contributed  The  treat  business  in  the  U. K. 
to  the  Increase  in  turnover  for  and  the  Netherlands  still  operated 
the  year.  Profits  reflect  the  at  a loss-  Dairy  products  showed 


la 


North  America, 
h"  •' ' Company  : 


a*  

'profit  ... 

t 

Mbto-onttnaxr... 

3<--cre(tt9 

_ e is.13  ..w  in  -Brazil,  margins  have  been 

MwnTTJc’  QjreorsrtJon  tax aiier,  reiaored  and  the  resulting  eash 
-;  V«r  DtmHiibi  n.«m-  uxaw.)  flow  greatly  strengthened.  ..As  a 
■■  I b*'®*'®**1-.  .result  interest'-  payments  ' have 

"atlng. profit  attributable  to  decreased!  and  earnings  have 
■:.:-es  overseas  accoimted^for  improved  markedly.  greater  efficiency  achieved  in  the  an  improvement. 

. cent,  of  iH^otaUbefore  J^n^  progre^  yvas  mpdest  ProdlJrtion  ™va,f  rove^gs  and  However,  profit  margins  in 
- v tag  corporate  metre*  and  ^ **  the  benefit  o?  ”uKi?  Europe  have  not  recovered  to  the 

■ •■■mr  rfri,Rt  Hvmrp,  « «rtil)  SoSnS^  wKe  mmrS  to  tha?  investment  in  the  new  Ansley  lrevels  *h,ch  **»  customary  a 
U-K.  profit  npao.is  stm  as  were  exports  to- that  factorv  lhe  directors  report  few  -vears  a"°  and  as  a percentage 

&JS%A  552'  “^Austrelasia  and.  Asia  per-  the  “-re  still  not  adequate, 

for  f°™rance  was  strong.  th^IIIrtteS'S^M^anfaSoid  in  North  America  were 

indexed  basis  well  below  If  lArmsor  and  Newton,  the  j.rP  81  novie  dn"  dDroaa  ^ h nminno*.H  nribn  in 

:W^SJ»ds™.  artist  materials  cSpaay.  db,^  so^eof  MS  f?cteria“ 

t**  mgirflcajat , progress  becomes  part  of  the  group-an  decide  in^faerWket  ^ dispute  has  now  ended.  In 

--.-last  year  and  the  perform-  offer,  was  made  earlier  this  week  ecime  in  Ii5e  markeL  the  other  countries  outside 


First  Scot 
American 


rS-1 
".  .e 


; { household  and  toiletries'.  — it  will  strengthen  and  entand, 
a was  greatly  . improved,  particularly  overseas,  activities  in 
•'oent  - continued  in  " the  its  product  field,”  says  Mr.  A-  M. 

-nautical  division,  with  Mason,  chairman.  ; 

ng  profit  well  ahead  of  See  Lex  . 0 

-■-  Export  sales,  both  to 
; - ers  and  to  overseas  subsi-  /-ii  y 
- i . at  ajMm,  showed  an  daFKe  . - > • 

of  275  per  cent  and  _T#- 

-- .ng  profit  increased  by  40  = l\|CtA|J<C'  ’ ~ 

~~  .ee  performed  very  strongly . . After  Interest  and  - expenses, 

- e of  severe  price  control  pre-tax  profit  of  Clarke,  NfckoHs  

' a Belgium,  Holland  and  and  Coombs  totalled  £141^48  for  was  95.0p  (78Ap). 

businesses  made  . good  tbe  first  half  of  3976,  compared  An  unchanged  interim  dividend 

. -ss.  Furthermore,  . the  with  £139^55,  for  the  correspond-  or  0.7p  net  is  declared.  Last  year's 

,.  -r  performance  during  1975  ing  period.  For  the  last  full. year  Total  uas  2_3p  from  a net  revenue 
:.  Scandinavian-'  operations  the  figurr  was  £371,848.  - of  1756,557. 


Europe  total  sales  and  profits  con- 
tinued to  develop  well,  particularly 
in  the  detergent  businesses.  UAC 
Internationa]  remained  very 
successful. 

Net  revenue  of  The  First  The  average  rate  of  taxation 
Scottish  American  Trust  amounted  was  below  the  exceptionally  high 
to  £375.986  against  £39534,  for  J975  level  and  the  greater 
the  half  year  to  August  2.  1976  liquidity  was  reflected  in  interest 
after  all  charges  including  tax  earned:  as  a result  profit  attvi- 
of  £217,265  compared  with  bntable  to  ordinary  capital  rose 
£240.417.  more  than  operating  profit. 

Net  asset  value  per  25p  share  Lex 

PHILIP  HILL 

Philip  HiU  Investment  Trust 
has  purchased  for  cancellation  a 


ON  A TURNOVER  down  from 
£13.06m.  to  £1 1.34m..  first  half 
1976  pre-tax  profit  of  Ault  and 
Wiborg  Group  recovered  from 
£513,000  to  £932.000,  and  is  in 
excess  of  the  depressed  £926,000 
for  the  year  1975. 

Because  the  directors  consider 
that  it  is  in  the  best  long-term 
interest  that  a greater  proportion 
of  earnings  be  retained  for  in- 
vestment in  tiie  business  than 
has  been  the  recent  practice,  the 
interim  dividend  is  reduced  from 
l.lQ25p  to  O.tip  net  per  25p  share. 
Last  year's  total  was  cut  from 
2. 17 125 p to  1.7Q25p. 

The  company  manufactures 
printing  inks,  printers'  rollers, 
paints  and  coatings. 

See  Lex 

Heavier  first- 
half  loss  by 
Dreamland 

A much  increased  trading  loss 
or  £194,500.  compared  with  £1.300 
is  announced  hy  Dreamland  Elec- 
trical Appliances  for  the  first  half 
of  1976  but  the  directors  say  that 
the  results  do  not  reflect  the  likely 
final  outcome.  In  April  they  said 
that  profits  should  be  maintained 
in  1976. 

The  interim  dividend  is  Q.75p 
(0.7p)  net.  absorbing  £40,219 
l‘ £37,5371  and  it  is  staled  that  tbe 
year's  result  will  justify  payment 
of  the  maximum  permitted1  2.27jp. 
The  previous  year's  dividend  total 
was  2.068p  from  profits  of  £515,000. 

In  line  with  the  experience  of 
other  domesuc  electrical  appliance 
manufacturers,  the  company  has 
found  that  the  trade  generally  is 
becoming  increasingly  reluctant 
to  invest  in  stocks  out  of  season. 
Purchases  by  the  public  are  show- 
ing an  encouraging  increase  and 
the  directors  are  confident  that 
ordering  in  the  second  half  of  the 
year  will  keep  pace  with  this 
trend. 


itsfiiUl! 

tmriit 


extremely  creditable  results  in  severe  conditions. 


;:mtheCbilnnan^  Statement 
hareholders  of  Snchcape &Co.Limited 
heyear  ended  March  31st,1976: 

Despite  the  difficult  economic  and  inflationary 
Sons,  I am  pleased  to  report  that  profit  before  taxation 
sed  from  £28  mill  ion. to  £37  million,  including  £7 
from  The  Anglo-Thai  Group  acquired  during  the 

fter  deduction  of  taxation,  the  profit  available  to 
ry  shareholders*  before. extraordinary  items,  was  £15 
i (1975,  £1 million)  giving  earnings  per  ordinary 
if  33.8  pence  compared  with  32.9  pence  last  year, 
paring  the  earnings  per  share-,  I would  point  out  that 


resofyeai^iesaUs 


change  of  accounting  policy  has  reduced  the  figure  for  the 
year  under  review  by  4 pence.  In  view  of  this  and  the  severe 
conditions  affecting  trading  for  the  year  the  results  are 
extremely  creditable. 

Although  the  overall  picture  remains  somewhat  patchy, 
nevertheless,  led  by  the  United  States,  recovery  is  clearly  in 
evidence  in  most  parts  of  the  world,  particularly  in  Hong 
Kong  and  to  a lesser  extent  in  Japan  and  South  East  Asia, 
from  which  a large  proportion  of  our  profits  emanates. 

This,  taken  with  the  increasing  prosperity,  diversification 
and  expansion  of  the  Group’s  activities  in  the  Middle  East, 
and  the  welcome  contributions  from  other  areas  in  which  we 
operate,  including  the  United  Kingdom,  enable  me  once 
more  to  say  that,  even  though  rapidly  changing  economic 
and  political  conditions  make  accurate  forecasting  difficult, 
we  view  the  future  with  considerable  confidence.” 

Where  income  was  earned 


rceTa&tkHi  ; 

Iable  to  Ordinary  Shareholders  before 
jary  Items 

Ordinary  Sh^re 

per  Qrdmaay  Share  (with  tax  credit). 


i976  1975 

£000  £000 

37,001.  . _ 28,096 

15,126  11,466 

333  pence  32.9pence 
31.56  pence  10.509 pence 


Chart  shows  approximately  the  sources  of  taxed  income  attributable  to  Shareholders  and 
Loan  Stockholders. 

United  Kbiadom 

.FkrEMt25% 


Sooth  EnUUIa  16% 


|rdinajy  ShuretoldcreCapilal  Employed 

yagivity 


m% 


14.6% 


» - . 


India 

ton  than  14% 


tents,  Agents, 

d Secretaries  44% 


Haifa  3% 

JXstrtbution 

'55% 


Tbe  contribution  to 
Group  profit  before  ux 
and  Loan  Slock  interne 


Profit  record  over  last  fiveyears-£00O,s 


— Marine  0perafi«a14% 


Associated  CompootiBS 
sndOtfier  Activities  4% 


30,103 


37,001 


■V~'  •’5? ' 


1172 
THE  QUEEN'S- 
AWARD  TO 
-INDUSTRY 


U Amnal  General  Meeting  bchdd  at  12  NooaonFfiday,  30th  September, .1976  at  (ha  Council  Chamber,  Tbe  General  Coundi  ofEdtish  Shipping,  3-6  Bury  Court,  London  EC3. 

" 1 Oapygrtf thp  Awwnpl  itepofC  ft  Aoconnte  amavaflable  from  (te 'Secretary  Indicape  & Co.  LimUefl(40St.  Mary  Axe,  London  EC3A  8EU. 


TUBE  INVESTMENTS 
LIMITED 

Interim  Statement 

covering  the  six  months  to  30th  June  1976 


Results  and  Dividend 

At  their  meeting  today  the  Directors  of  Tube  Investments  Limited  considered  the 
results  of  the  Group  for  the  six  months  ended  30th  June  1 976  which  showed  earnings 
for  the  period  after  taxation  attributable  to  Tube  Investments  Limited  amounting.to 
£8,866,000  (19.5p  per  £1  Ordinary  Stock).  The  Directors  decided  to  declare  an 
Interim  Dividend  on  the  Ordinary  Stock  for  the  year  ending  31st  December  1976  of 
8.8p  per  £1  Ordinary  Stock  (1975  8p).  Dividend  warrants  will  be  posted  on  16th 
October  1 976  to  members  on  the  register  on  20th  September  1 976. 

Comments  and  Prospects 

Group  profits  have  held  up  better  than  was  indicated  earlierinthe  year. 

The  Steel  Tube  Division  has  maintained  its  momentum,  offsetting  a lower 
demand  for  capital  goods  with  some  revival  in  demand  from  the  motor  industry  and 
continuing  high  exports. 

Poor  trading  results  in  Domestic  Appliance  Divisionstemmed  From  the  depressed 
state  of  home  demand.  A return  to  former  volume  is  not  to  be  expected  in  the  near 
future  when  there  is  a fall  in  the  real  purchasing  power  of  consumers  In  prospect 

Cycle  Division  has  been  able  to  mitigate  the  effects  of  the  reduced  demand  in  tbe 
USA  bicycle  market  with  higher  sales  in  some  other  oversea^  territories.  There  has 
been  an  upturn  in  export  orders  for  machine  tools,  but  too  late  to  protect  Machine 
Division's  results  for  the  period  under  review  from  the  effects  of  the  low  order  intake 
during  the  latter  half  of  1 975. 

Demand  for  aluminium  products  has  recovered  sharply  from  the  low  level  of 
mid-1975  and  this,  combined  with  improved  prices,  has  brought  about  a significant 
improvement  in  the  performance  of  British  Aluminium. 

The  expectation  is  that  continuing  strength  in  overseas  markets  followed  by 
some  improvement  in  investment  demand  should  enable  the  Group  to  maintain  profits 
at  about  recent  levels,  until  a wider  recovery  of  the  United  Kingdom  economy  takes 
place. 

Consol  (dated  Profit  and  Loss  Account 


The  unaudited  figures  for  the  six  months  to  30th  June  1976 

with  corresponding  figures  for  1 975  and  audited  figures  for  the  twelve  months  ended  31  st  Decembe  r 
1 975  are  set  out  below : 


Six  months 
to  30th 
June  1376 
£000 

Si*  months 
to  30th 
June  1975 
£000 

12  months 
to  31st 

December  1975 
£ 000 

External  Sales 

£338,509 

£291,782 

£618,768 

Trading  Profit  of  the  Group 
before  depreciation  (note  tj 

Profit  on  sales  of  properties 

20,307 

9 

28,922 

265 

62,145 

572 

Depreciation  of  fixed  assets 

26,316 

6.347 

29,187 

5,831 

62,717 

11,813 

Trading  Profit 

Proportion  of  profits  of  BA.  Group 

Proportion  of  profits  of  associated  companies 

19,969 

2,955 

1,458 

23,356 

322 

2,526 

50,904 

773 

4,384 

24,382 

26,204- 

56,061 

Interest  on  overdrafts  and  other  short  term 
borrowings,  net 

2,311 

3,508 

6,529 

Profit  before  Loan  Interest  Payable 

Loan  interest  payable 

22,071 

3,552 

22,696 

3,470 

49,532 

7,195 

Profit  before  Taxation 

Taxation  (note  2) 

18,519 

8,898 

19,226 

10,039 

42,337 

21,793 

9,621 

9,187 

20,544 

Proportion  of  profit  after  taxation  attributable 
to  minority  shareholders 

755 

722 

1,408 

Earnings  for  the  period 

Extraordinary  items — net  

. 8,866 
(281) 

8,465 

11 

19,136 

716 

Profit  after  extraordinary  items 

£8,585 

£8,476 

£19,852 

Cost  of  Dividends 

£4,012 

£3,643 

£7,766 

Earnings  per  £1  Ordinary  Stock  . 

19.5p 

20.6p 

44.2p 

The  Divisional  Analysis  of  Results  is  as  follows : 

External  Safes 


Profit  before 
Loan  Interest  Payable 


She  months 

Sot  months 

12  months 

Sis  months 

Sixmonths 

12  months 

to  30th 

to  30th 

roller 

■ - to  SBth  ■ 

to30th 

to3lst 

Division 

Juno  1976 

June  1975 

Dec.  1975 

. . June. 1976 

June  1975 

Dec.  1975 

£000 

£000 

C 000 

£000 

£000 

£000 

Steel  Tuba 

113,829 

103,741 

204,697 

11,937 

13,297 

25,129 

Cycle 

46,694 

37,393 

85,901 

1,700 

1,538 

3,957 

Consumer  Finance 

1,736 

1,408 

3,130 

789 

548 

1,211 

Domestic  Appliance 

51,219 

46,176 

103,255 

(798) 

1,301 

3,602 

Engineering 

28,873 

25,270 

51.882 

•1,281 

1,428 

2,901 

Machine 

18,727 

21,814 

44,533 

(553) 

938 

2,538 

Industrial  Electrical 

7,550 

7,854 

14,905 

174 

419 

547 

Allen  West  & Simpfex-G  E 

14,151 

10,212 

22,467 

732 

1,055 

1,899 

Oversees 

55,730 

37,914 

87,996 

4,122 

1,908 

6,689 

Parent  Company  and  other 

companies 

— * 

*“ 

—— 

(2B8) 

(55) 

286 

£338,509 

£291,782 

£618,768 

19,116 

22^74 

48,759 

BA  Group : 

Proportion  of  profit  before  tax 

applicable  to  Tube  Investments 

2,955 

322 

773 

£22.071  £22.696  £49,532 


Notes 

1.  Stock  Valuation 

in  accordance  with  S.SAP.  No.  9 the  basis  of  the  U.K.  stock  valuation  has  been  adjusted  with  effect 
from  1 st  January  1 976.  The  effect  of  this  change  on  T.l.'s  accounts  has  been  to  increase  the  trading 
profit  for  the  six  months  to  30th  June  1976  by  approximately  £1m.  and  both  opening  stocks  and 
reserves  by  approximately  £6rru 

2.  Taxation 

The  burden  of  taxation  this  year  has  been  reduced  by  the  utilisation  against  current  profits  of  losses 
brought  forward  mainly  in  overseas  subsidiaries. 

U.K.  Corporation  Tax  has  been  provided  at  an  effective  rate  of  52%. 

3.  Exchange  Rates 

Asa  result  of  the  continued  depreciation  in  the  value  of  the  pound  during  the  six  morrthsto  30th  June 
1976  T.l.  Incurred  a potential  additional  liability  on  its  Swiss  and  other  currency  loans  amounting  to 
approximately  £3m.  However,  the  sterling  value  of  T.l.'s  overseas  investments  appreciated  by 
approximately  £6m.  The  figures  will  be  included  in  the  accounts  for  the  full  year  on  the  basts  of  the 
rates  actually  ruling  o*3lst  December  1 976. 

A Changes  in  the  Group 

There  were  no  significant  acquisitions  or  disposals  during  the  six  months  to  30th  June  1 976. 


18th  August  1976 


16 


TRW  sets  Second  Quarter 
and  Six  Months’  record. 


TRWInc,  a major  International 
supplier  of  high  technology  products 
and  services,  reports  record  second 
quarter  sales,  earnings,  and  earnings 
per  share. 

Second  quarter  sales  were 
$743.8  million,  an  11%  increase  over 
1975  second  quarter  sales  of 
$667.1  million. 

Earnings  after  taxes  and  earnings 
per  share-rose  31%  and  34%  respec- 
tively, reaching  $37.8  million,  or . 
$1.18  per  primary  share  compared 
with  restated  net  earnings  of 
$28.9  million  or  $.88  per  primary 
share  a year  ago. 

1976firsthalf  results  also  set 
records.  Sales  reached 
$1,4663  million,  compared  with 
$1,275.9  million  for  the  first  half  of 
1975.  Earnings  after  taxes  reached 
$64.3  million,  or  $1.95  per  share,  a 
highlyfavorable  comparison  with 
restated  net  eamings  of  $433  million, 
or  $1.25  per  share  for  the  first 
half  of  1975. 


I TRW  STATISTICAL  SOMJVlARY 

- • 

| (Do [la r amounts inmilij on s except  per  share  data) 

SECOND  GOARTER 

1976 

1975 

(Resisted) 

- Sales :« - 

$ 743.8. 

$ 667.1  : 

Pre-Tax  Profit. 

72.9 

52.0 

Net  Earnings. 

37.8 

28.9 

Eamings  Per  Share 

Primary 

LIB 

.88 

Fully  Diluted 

- 1.03 

.84 

Dividends  Per  Common  Share.  . u 

.35 

30;  -- 

SIX  MONTHS 

- 

Sales 

1,4663 

3,2753 

Pre-Tax  Profit...... ............ 

123.7 

793 

Net  Eamings. ....... ........... 

Ea  min  as  Per  Share 

643 

43.5 

Primary 

1.95 

1^5 

Fully  Diluted — . 

1.75 

1.21 

Dividends  Per  Common  Share.... 

-65 

.60 

Common  Shares 

Outstanding. 

27,570.000 

27,278,000  - 

Average  and  Equivalents 

28,495000 

27,694,000 

These  record-breaking  figures 
were  aided  by  excellent  performance, 
from  TRW  units  serving  domestic  and 
international  automotive  original 
equipment  markets. Significant 
contributions  were  also  made  by 
other  TRW  units,  including  those  • 
serving  commercial  data  communi- 
cations, automotive  aftermarket, 
energy  products,  and  defense  and- 
space  systems... 

For  further  information  on  TRW, 
please  write  for  a copy  of  our  latest 
Quarterly  Report  TRW  Europe, 

Inc.,  25  St  James’s  Street,  London 
SWIAtIHA. 

A COMPANY  CALLED 


American  Express  International 
Banking  Corporation 


American  Express  International  Banking  Corporation  is  lead  bank  in  an  International  Banking  Group  com- 
posed of  commercial  and  merchant  banking  suosidiaries  of  American  Express  Company.  Consolidated 
assets  at  the  independent  companies  in  the  Group  amounted  to  more  than  S3, 4 br'Wian  at  year  end  1975. 


CONSOLIDATED  BALANCE  SHEET 
June  30, 1976* 


BOARD  OF  DIRECTORS 


ASSETS 


Cash  and  due  from  banks 

Time  deposits 

Investment  securities— at  cost 

Investme  nt  securities— at  lower  of  cost  or  market .... 
Loan-;,  and  discounts,  less  reserves. 

1976,  540,514,000;  1975.  S37.000.00a 

Accounts  receivaole  and  accrued  interest 

Land,  buildings  and  equipment— at  cost,  less  reserves 

Customers'  acceptance  liability 

Other  assets 


$ 302,659.000 

324.446.000 

443.033.000 
5.951,000 


1,517.286,000 

69.917.000 

22.096.000 
121,383,000 

45.972.000 

52.849.745,000 


LIABILITIES  AND  SHAREHOLDERS’  EQUITY 

Customers'  Deposits  and  Credit  Balances; 

Demand _ 

Time 

Total 

Special  deposit  liability  to  U,5.  Government 

Borrowed  funds 

Due  to  American  Express  Company  and  sut£id:sries 

Drafts  outstanding 

Acceptances  outstanding 

Accounts  payable 

Other  liabilities 


S 960.570.000 

1.530.810.000 

2.241 .350.000 
35,000.000 

30.850.000 
-114.22t.000 

57.073.000 
121.412,000 

€4,591 ,000 

40.217.000 

2.704.744.000 


HOWARD  L.  CLARK  ' 

Cnairman  of  thfl  Board.  Amen  can  Express 
International  Banking  Corporation: 

Chairman  of  die  Board  and  Chief  Executive 
Oll'oer,  American  Express  Company 
RICHARD  M.  BLISS  ' ' 

President  and  Chief  Executive  Officer, 
American  Express  International 
. Banking  Corporation 
HOYT  AMMIDON 

Honorary  Trustee  and  former  Chairman  of 
:ne  Board,  United -States  Trust  Company 
si  He*  York 

RICHARD  F.  BLANCHARD 

Vrce  Chairman  of  ine  Boa/d,  American 
Express  international  Bamdng  Corporation  - 
and  Executive  Vice  President,- ' 

American  Express  Company 
MAGNUS  R.  BOHM 
Vice  ChairmanTGeneral  Foods  Gorp. 
CHARLES  A.  COOMBS 
Former  Senior  Vice  President,. 

Federal  Reserve  Bank  of  Nan  York 
ROBERT  G.  COWAN 
FormerCfrairmen  of  the  Board,  UhUantio 
National  Bank  • =— 

EDWIN  D.  ETHERINGTON  - 
Director  oi  various  companies: 

Governor  and  former  President, 


American  Stock  Exchange  and 
President  Ementut,  Wesleyan  University 
HENRY  H.  HENLEY,  JR. 

Presto  art  and  Chiot  Executive 
Glitter.  Ciucir,  Peabody  & Co„  Ine. 
ERNEST  J.  LOEBBECKE 
f.  nan  mat  oi  :iw  Finance  Committee-, 

Trs  71  Ccioardi.sn  luf  Catitamiaj 

ARCHIE  R.  MeCARDELL 

Preside n:  and  Chief  Operating  Officer, 

>ercr*  Corporation 

ROGER  H.  MORLEY 

Vn.-e  Chairman  at  ine  Beard,  American 

Express  International  Banking  Corporation 

and  American  Express  Company 

RALPH  OWEN 

Former  President.  Equitable  Securities, 
f.'emn  & Cc.  incoroaraied 
JAMES  D.  ROBINSON  III 
Prer  dcnr.  American  Express  Company 
ROBERT  V.  ROOSA 
FAdiwf.  Broan  Brcir.erc  Hamman  & Co. 
WHITNEY  STONE 
Cha-rmdn  of  rhe  E/.;cu!ive 
Committee,  Stone  & Webster,  Inc. 
MARTHA  R.  WALLACE 
c-ecuuve  Director  snd  Vice  President 
ct  T^n  Hir;,  L'lte  f OhnUxion.  Inc. 
RAWLEIGH  WARNER,  JR. 

T&ri  of  tr.e  Bea'd, 
i O.I  Ca’pvan  rn 


Shareholders’  Equity: 

Capital  Slack: 

Preferred— 5° a cumulative— authorized  and 
outstanding  25.000  shares  of  $1,000  par  value 
Common— ciimcrced  and  ou:  standing 

60.000  shares  of  S‘00  par  value 

Capital  surplus 

Ne:  imroo.'i.-ed  io-se.-  on  ir.--?;tn-®nf  sw/rhss 

carried  *1  lower  oi  cos*.  cr  mari.et 

Retained  earnings 

Total  shareholders'  equity . 


25.OCO.OCO 


6.000.000 

12,251,000 


(i  .090.000; 
102.310.C00 


•45.001.000 
S2  849.745.000 


*F'?ures  unaudiied. 


EUGENE  R.  BLACK 

Adviser  to  the  Beard  of  Di reefer* 


exbbess  International  Banking  Corporation 

(irav'idirs  businesses.  Fuoxmal  ln&iiniiinn»  nnuamniMiir  «ui  „ . 


BW-fdes  tnaineoses.  hnmioal  fnsiiruiions.  govemmenJfiand  individuate  with  a wide  choice  of  International 
financial  awvicco,  inducing  short  tern  working  capital  and  trade  Inwnce.  tom  and  project 
finance,  foreign  et change,  collection,  deposit  and  money  transfer  services. 


International  Headquarters:  American  Express  Plaza,  New  York,  N.Y.  10004 


Mining  news 


The  Financial  Times  Itansday  August  19  1976 

I '•  daiiR  r. 


at  4-year  low 


BY  KENNETH  KARSTON.  MINING'EDITOR 

E- LATEST  bout  of  ■weakness  replacing  tax  on  product  sales:  by 


THE -LATEST  bout  of  weakness 
in  ■ the  hulboo  price,  which 
dropped  ‘83.25  to  5108.62a  per 
ounce  yesterday  bore  heavily  on. 
as  already  despondent  market  in 
South  African  Gold  shares: 
Although  there  was  no  weight  of 
selling,  price  losses  ranged  up  to 
£1  in  Randfontete  (£12$)  and 
Hartebeestfontein  (625p)  with  the 
result  that  our  Gold  Bfines  index 
dropped  O to  889,  its  -lowest 
since  November  27,  1972. 

The  fall  in  the  metal  price  has 
already  made  its  impact  on 
company  results.  And.  bearing  in 
mind  the  fact  that  the.  producers 
received  an.  average  price  of 
about  $124  per  ounce  in  .the  Bret 
six  months  of  this  year  a further 
fail  in  the  current  quarter’s 
working  'profits  is  in  prospect 
together  with  its  subsequent 
impact  on  dividend  payments. 

The  situation  also  casts  a cloud 
over  the  earlier  proposed  raising 
oF  a further  sizeable  tranche  of 
capital  towards  the  end  of  this 
year  for  the  Consolidated  Gold 
Fields’  group’s  RllOm.  (£7lm.) 
DeeHtraal  mine  which  is  due  to 
reach  the  trial  milling  stage  in 
1980. 

It  may  be  that  Gold  Fields  will 
raise  part  of  the  funds  required 
by  sales  of  some  at  the  invest- 
ments which  are  to  be  received 
for  its  platinum  interests  from 
Anglo  American  Corporation  and 
Johannesburg  Consolidated. 

Meanwhile,  it  is  worth  listing 
those  mines  whose  working  costs 
were  less  than  8100  per  ounce  in 
the  June  quarter.  They  include: 
Leslie  f$99),  Western  Areas  <3951, 
Doornfontein  ($93),  BnffeLs  (S89), 
Ubanoit  (838).  Vaal  Reefs  ($83).* 
President  Steyn  ($78),  Hartebeert 
(374),  Kloof  ($73).  Bracken  ($62). 
Western  Deep  ($61). 

Able  to  break  even  at  below  $60 
are:  Blyvoor  ($59),  Kinross  ($59), 
President  Brand  (857),  WSnkel- 
haak  (S55).  Western  Holdings 
(S48),  St-  Helena  ($43).  F.  S. 
Geduld  (£43),  Randfontein  ($40), 
Bast  Drie font ein  ($36),  and  West 
Driefontein  ($33).  Most  , of  tbe 
mines  with  costs  above  $100  can 
hope  for  State  assistance,,  but 
they  will  need  to  show  that  this 
will  be  a wise  investment  in  tbe 
longer  term  when,  it  is-  hoped, 
the  metal  price  will  recover.  : 


one  on  profits,  coupled  with  -the  - 
improved  copper  price, -especially 
in  the  second  quarter  of-  this 
year,  have  .resulted  in  Canada's 
Bethlehem  Copper  ' increastag 
first* half  net  earnings  to.  &L36BL' 
(£0,77m.)  or  21.7  cents  (ISUp)-a 
share -from  $ 1.12m.  or  17J)  cents 
a share  for  the  same  period  of 
1975.  . . "... 

In  the  June  quarter, -net -earn- 
ings were  $975,586  (£554,940}  or 
15.6  cents  (&9p)  a share  as  against 
$687,082  a year  ago.  In  the  past 
half-year,  copper  production 
increased  to  .27.14m.  podiuls: 
(12,308  tonnes)  from  24.53m. 
pounds.  Shipments  rose  to  2S-5m.' 
pounds  (12,925  tonnes)  as 
against  20.98m.  pounds  at  an 
average  price  of  64  cents  a pound 
(£800  a tonne > compared  with' 
59.1  cents  a pound  (£741  a tonne) . 
previously. 

The  company's  president;  - Mr.-1 
P.  M.  Reynolds,  says  that 
combined  B.C.  -end  Federal  mining 
taxes  amount  how  te  a maximum- 
of  around  57  per  cent  of  profits. 
While  welcoming  the  change  from 
a year  ago  he  points  out  that' 
mining  is  still  taxed  in  Canada  at 
a higher  rate  than  manufacturing 
industry. 


jura?,  t - tL:  -1  • '--1 

MM?  APR.  MW-  .JUN  JUfc-  MIS 


projects-"  fie  concluded  that  the 
budget  measures  could  be  what 
was  needed  to  expedite  the  final 
dfedstaa  ■which  •would  be  the. 
signal  for  support  industries  and 
professional . services  to  “get 
geared  up  for . action." 


SOUTH  AFRICA’S 
GOLD  OUTPUT 


TFoU©w&s>estarday's  news  1 
thb  st*U  draggling -tucleel-ttH! 
operation  of  Botswana  Rst 
facing  claims  by  Amn  Nh 
RefinfilK  .ahd  Trtomf  Fertitf 
our  Johannesburg  cdtreapiwu 
reports  that  the  Triomf  clair 
for  R27m.  X£i7d4m.)  for  , 
alleged  failure  on  the  part  of . 
. mine  to  fulfil  a sulphur  suf 
commitment'  ■ ifi 

; The , contract  was  • for  ■ Sf' 
tonnes'  of  sulphur  per-  year  ' > 
r 1974-S4  fbf  use  in  the  raamifac 

of-,  phosphoric  add.  at  Trio' 
Fotchefstroom-  plant, 
material  would  have  coat  far 
than  the  -,  imported  supplier 
which  the  fertiliser  company' 
has  to  resort 

. Triomf- is  stated  to  have  ate 
arbitration  procedure  “ after 
other  avexmes  to -roach  agreer 
; on  - a.  -*  aetOement  - have  i 
exhausted."  Tbe  dispute 
expected  to  be  resolved  in  -Ge 
by  the  International  Chambe 
Commerce.' 


.After  showing  modest  increases 
in  the  previous  three  months, 
Soulh  Africa^  gold  ' production 
last  month  at 7 ifiMjufl . ounces 
-was.  marginally  below  the  1,977,117 
ounces  for  June  and  goes  against 
1,939,856  ounces*  In  July  ;.of  last 
year. 

For  the  seven  months  of  the 
current  year  to.  date,  output  .totals 
13,088,261  ounces  compared  with 
13,196334  ounces  for  the-  com- 
parable period  of  1973  when  the 
lull  year’s  total  -was  ,22.76m. 
Ounces,  the  lowest  for  14  yeans. 


AUSTRALIAN  ~ 
CQPFER  PRICE  - 

Australia’s  Prices  Justifies 
Tribunal  has  agreed  to: 
removal  .of  the.  Nl, 480  per  t 
(£1,016)" 7 copper  price- 
for  domostic  sales  of  the  a 
But  the  tribunal  has  reservec 
right  to  impose  a -new  ceU^ 
copper,  prices  rise  tod  sba 
Electrolytic'  copper  '-'win- 
closed  at  £854^5  per  tonne  or 
London  Metal  Exchange  g 
day. 


BUDGET  PIJEASES 
SIR  CHARLES 


BC  TAX  CHANGE 
AIDS  BETHLEHEM 

The  revision  of  British 
Columbia's  mining  tax  policy. 


Commenting  on  the  proposed 
changes  in  taxation  and  . -allow 
auces  for  mineral  resource  indus- 
tries announced  in  tha' Australian 
federal  budget,  the-jiremfer  of 
Western  Australia,  Sir  Charles 
Court,  an  often  vehement  critic  of 
the  policies  of  the  previous.  Labor 
administration,  said  that  tbe  nefv 
proposals  will  provide  a signifi 
cant,  although  not  necessarily 
immediate,  boost  for  the  State. 

Our  Perth  correspondent  reports 
that ' Sir-  Charles  added  that  by 
laying  . the  groundwork  for 
economic  change,  the  budget 
“will  eventually  have  its  greatest 
impact  on  Western  Australia.**  He 
continued  that  the  State's  future 
“in  in  resource  development 
which  will  create  employment,  and 
career  opportunities  and  general 
export  and  other  income  to  - bene 
fit  the  economy  of  all  Australia.1 

Sir  Charles  considered  the  in- 
centives for  petroleum  and 
mining  vitaL  "They  come  at  a 
good  time  as  we  move  into 
advanced  stages  of  negotiation  on 
north-west  shelf  gas  and-  other 


GSSMf  - 
D6S1MU.- 
tt£1Mi£XO 

csno‘  Nil  - 
£9?A'£50 


$90  (Nat:  Deal  Sti«nl  t&R  Oor.  lCetw  B81_...S&S?’ 

$i00}|Nnr  BonnrH  Vrwttna  oft  M.. Stt»- 

. 10  Wtowoth  WaMrSe But  PrtStk.  198L.  10: 

OSUlAajnttm.  3tot.91XHed.ia62.; -J  99> 

♦S  kiSRnrtwell  Kwi-Stix4  ISiC1  901 


Inchcape  confident 


•‘RIGHTS?*  OFFERS 


EVEN  THOUGH  rapidly  chang- 
ing economic  and  political  condi- 
tions make  accurate  forecasting 
difficult,  the  directors  of  inter- 
national merchants.  In  chape  and 
Co^-view  the  future  with  con- 
siderable confidence,  says  the. 
chairman,  the  Earl  of  Ihcfcape-' 
There  are  indications  of  a re- 
covery in  trading  conditions  and 
the  group  must  prosper  from  these 
better,  trading  conditions,  he  adds. 


The  chairman  stresses  that 
present  restrictions  make  'the 
financing  oC  expansion  and  inter- 
nal growth  difficult  for  groups 
such  as  Inchcape  to  the  detriment 
of  their  position  in  .relation  to 
competitors  from  other  countries. 


' I iMMt  I. 

-Xeuone.  I 
BMW  , U 
I I t t If 


•:  '.J:  -V  ‘ stock 


Most  new  overseas  investment 
red  from  the  UJL  has  to  be 


; The  company  has  continued  its 
policy  of  expansion,  both  inter- 
nally in  existing  companies  at 
home  and  overseas,  and  externally 
through  the  acquisition  of  new 
companies. 

The  recently  acquired  Angio- 
Thai  Corporation  is  already  mak- 
ing a contribution  to  -profits. . 

Through  the  acquisition  of  just 
under  15  per  cent  interest  in' 
Ocean  Wilsons,  a foothold  has 
been  obtained  in  South  America. 
As  an  adjunct  to  this,  through  .a 
company  recently  set  up'  and 
jointly  owned  with  Ocean. 
Wilsons,  it  is  intended  to  explore 
trading  opportunities  in  - Brazil 
and  possibly  elsewhere  in  Larin 
America. 


direct  from  the  U.K.  has  to  be 
financed  by  borrowing  foreign 
currency,  bat  bonwying  restric- 
tions and  gearing,  consderatians 
set  limits.  . 

Lord  Inchcape  emphasises  that 
some  reduction  in  the  proportion 
of  overseas  earnings  which  has  to 
be  repatriated  and  some  criteria 
governing  exemptions  from. J the 
overseas  currency  premium  must. 
In  the  long  term,  benefit  the 
country. 

As  known  group  pre-tax  profit 
for  tbe  year  to  March  31.  1976  in- 
creased from  £2&lm.  to  £37m^ 
including  17.14m.  from  ' Anglo- 
TbaL  The  aggregate  value  of 
goods  exported  from,  the  UJC 
expanded  from  £39m.  to  '£71m. 

- It  is  proposed  to  alter  the 
articles.  . 

Meeting  3-6  Bury  Court,  EC, 
September  10,  noon.  . 


20p  , F.F. 
70p  .F.P. 
1$  *NU 
6S  F.P. 
-■88-  . VJf. 
!».  JJ*. 
c ia  yj», 
118p  KU: 
85  F.P. 
183  FJ?. 


Igh  | Low 
« I 43. 
146  I 188 


13/8  110/9 
10/9  97/6 
16/6 ‘{30/7 
10/8  J17/B 

86/8 

13/8  (10/9 
19/6  (84/9 
128/8  (20/8 
08/7  6/9. 

19/8  1/ZQ 
6/6  3/9 
2/8  8/10 
19/7  27/8 
10/8  2/9 

18/6  : 
0/7  80/8 
J7/8  1/10 


, 81  PJ». 
•B2V-FJ?.- 
800.  F.K 
1178  F.F. 
84p  Nil 

as;  f.p. 

80  - FJ». 
SALSQj.  FJP. 
60  . K,P 
78  r.p. 
70c  PJtal 


i3  JAlrHjr  

12Q ' (Allied  ColJcW*. 

... 

60  iBnify  Le*Ue.....--M..-:^..- 
HisOh»rtt*ivoa*e  Qrp„.^ — _ 
UWCtaUU  A Chamtol 


181*1''  IWalBwer  ittaorgei  - 


; 34la|  - 85ta(KvrttFttriyrw  + BxJ 
213  I 198  Weetmineter 

86  28is[£rm^Wmium — .... — ; — 

-71*  . 86 . iBwdicnt  Ittt'l 

851  8W  ffiSaintL  w- 

200  i 188  Utpgtuaea  Meridntorti ; 

28  ■ 85  SoocsQd.Clcy  Prop. 

74.  fill*  9W  Group..  _... j, 

551*1  28  iVenwu  Femhion*.—. 

1*1  85  TWeetem  Minin*: 

ID:  85  

87  88  m/hltecrofe  Ind. 

83  nYonrtKWe-Bammh., .... 


Olnstaf 
.1  Prwu 

■ j p"* 

ZZZ  48 
130 

rrl  a6-f 

43 

16* 

161 

34pn 

:=IT 


•m -73M 

89 

141 

98 

- « 
83 


RenundnOan  gate  aaaaiftr  lag  .day  for.  oeaUng  try*  or  :sohbp  aaO-  *f 
twice  to  public.  b’Fueises  Based  oo  . erasoeens  esdmace.  ODtaWeraJ  rate  t 
Durable  on  pan  caul  nil.  .cover  based 'on  dividend  on  fait  csDttal.  s***ii 
unless  otbonaise-  indicated/ ■"  h Pprecast- dtvMtenU  cover  based  00- pra*M» 
earnrtgx  ■:  m Ftsnrea  based  on  pcosnecma  bC  dtber-  Offida)  asdmue' .idq 
r FIbmv*  ssBHnufd.  _ r Cover  mows  for  convarooD  iaf  stare  ns ‘ nn^Hd 
for  dividends  or  rantoos  only  tor  restricted  dividends.  . “lamed  trr.JI 


•J*  OfTered  w hgldeTs  of  Ordinary  sbares  aai-"  mhix.”  9 290  S_Afr-  ctshb.  jfc 
by  way.  oJf  capltallsaflon,  tt  Tender  albrnwan  ode*.  • 5 Hemncdaced.  ttin 


by  vray.  of  caoltaHaatloa,  tt  Tender  sllotman  Mice.  ■ ♦ ttemawtaosL-  ttln 
connection  wttb  reonmiriaailon.  merser  or  raknjycr.  A Introdwcdao.  - ♦ 


fonner  Preference  holders,  t AHotment  Jettm  tor  follyt'aHO-  t Provide 
DarOy-taW  aHotnK«  tetters.  5 With  warrants.  # AJftet  sos/ienifon,  -1 


i-.-  • ' 


Credit  Stdsse  and  its  clients,  aswdl  as  the  holdings  of many 
institutional  and  private  investors^ woddwide. 


Customers' securities  areseparatedbyissne  andffled 


and  an  annual  independent  audit 


disclosed  and  nori-disclosed  bases.  CHents'  orda^a^exeCttted^ 


exchanges.  Xoreceipt  or  delivery  feesare  chargedfiir  tiliese  OTdeci 


Me  George  J.  Helvra^  President 


100  "Wall Street,  KX NX  10005  . ' ! 
Tel:  (312)  S25-9429  ■■  •; 

CaMc  AiJdress:  SWESS,\M;  -Thibc  tTOl^E37: 


w.' 


on  - 

*.;:>•  S%i‘. 

• fr-'1"' r*-  - 

•-  ,;,  '-h,  «<*..  , 

:«■•„  'Sir 


*i trawir- 


17- 


TERNATIONAL  COMPANY  NEWS  + Elm  MARKETS 


mmerzbank  to  Revival  in  W.German  capitalmarket 


y‘i, 


se 


Investment  bank 
to 


v-'-SSi 

f->  T_:  «E  ” 

■ .■■■ 

• WEST:  •<3®r"  could  see  no  reason 

c '**>  fid  largest! commercial'  tion  ip: dividend  thi 

> -.ilrtnlB  lsat  wuA  TB . mm*  f* 


HAWTIN 


FBANJCFUKT,  August  18.- 


lutvs 

m 


for  a redOc- 
this  year  from 

Joeed  - details  of  last  .year’s  18  per  cent,  payout 
TvSUe  aimed  atraising  —from  17 -per  cent.  In  1974.,- 
■-“  .’.  The  bank’s  Differing  economic  conditions 

'Ti:i  r‘&sue.  was-Jn,  October  and  irregular  interest  terms  had 
H ben  it  raised  -some  affected  r the  bank's  balance 
."  V sheet  mainly  in  the  credit  soc- 
C0,?S^  of  t°r»  during  lie  first 
JPpEH^«haniSJWrtl1  a of  1976.  .In  total  1 
- ■:.-  ,‘£M73-3nl.  They,  are- volume  had  showk*  4 

. ; -fj®d . ht  ? ,®fDM500in..  increase  to  reach 

• • ®M50  nominal  share.  DM39.4bn.  (£S.66hn.>.  . 

-•»  ’-W'  Average  business  volume 

''  • - §m89  S^un  duriDg  **>«  fl«t  half  year,  how- 

..  -\'±-  al.  i«ui<w.oo,  up  ever,  was  some  137  per  cent. 

previous  day's  higher  than  the  average  busi- 
■ hot  with  its  two  ness  volume  .in  1875.  It' had 

i-*i  Deutsche  Bank  and  to  be  understood,  he  said,  that 

• •••-  .Y-i’Suk— its  shares  are  although  the  development  of 
iD|  jjd]  below,  the'  earnings  was  satisfactory,  this 

of  DM234.  did  not  mean  that  there  was 

bank's'  shareholders  growth  in  every  sector. 

,re^  t?ff  SS&ares  l>«Pire ' relatively  high 

nr.oDt  demand  for  eredj*  in  June, 

tQ  0ct°beJ  -credit  volume  by  the  interim 
onvertibie  Loan  stock  stage,"  at  DM2i.8bn,  was  some 


BY  PAULINE  CLARK 

i A MARKED  revival  in  investor  seen  several  new  offerings  over-  Federal  Government.  Confidence  • In  New  York,  the  rally  in  the 

5 activity  in  the  West  German  subscribed — notably  the.  latest  has  apparently  not  been  shaken  taxable  bond  market  has  pushed  j 

Start offiS? reports^SSSSuig1!!  Fcderal  Rail"ay  DMS00m'  isM,e  by  lhef  reP°fr*ed  in  lbe  "«w  issue  ^eld.s  °?  high:  WASHINGTON.  August  IS. 

significant  increase  in  domestic  ca^ryi*e  an  8 per  cem-  eoupon  IssueS  frpm  the  Public  sector  grade  long-term  bonds  close  BAIL-OUT  of  the  ailing  quarter  results  until  it  files  a 

bond,  purchases.  and  a five-year  term.  Ln  common  between  June  ana  July  from  3 the  levels  which  prevailed  i coreramem  Employees  Insur-  rectsttaUon  s^telSent  wiUi  th? 

.After  a dull  second  quarter,  'vltfl5  most  other  recent  public  gross  DM450m.  lo  DM3-bn.  April.  And  to  date,  these  April  jance  Company  (GEICO)  took  a SEC  in  earlv  Sentember 
during  which  public  authorities  bonds  with  similar  terms,  the  Elsewhere,  the  Bundesbank  levels  have  been  lhe  lowest  since  step  forward  when  an  unidenti-  John  J Brvne  chairman  and 

cut  down  on  new  issues  and  current  msrkcl : quotation  u at  a reported  a pick  up  in  new  stare  foe  cyclical  peaks  in  yields  were  I S ToVrSn.^r  banking  firm  chief  ese'e^m?  officer  sa"d  Si 

prices  fell  back  on  fears  of  preimum  to  the  issue  price.  issues  in  July  for  the  first  tune  reached  in  the  autumn  of  19*4.  conditionally  agreed  lo  assist  believes  the  underwriters’  condi- 
higher  interest  rates,  the  Bundcs-  ..  Although  the  new  Issue  pause  jn  three  months.  Total  market  according  to  lhe  latest  review  of  GElCO’s  proposed  reinsurance  tional  commitment  “assures  the 

bank  bas  now  reported  that  net  >0  the  second  quarter  is  thought  value  of  new  issues  here,  was  put  the  market  by  brokers,  Salomon  | arrangement  success  of  GE*CQ’s  capital  financ 

domestic  sales  of  new  bonds  in  to  have  done  much  lo  spur  the  at  about  DMlbn.  1 Bayer.  August  Brothers.  | The°  investment  banking  firm  inn  proeramme.’’  hfe  company 

July  were  more  than  three  times  current  revival  in  demand,  the  Thyssen  Huetie:  DMO.Sbn.1  com-  The  brokers  attribute  the  Will  purchase  and  re-offer  to  die  is  tryin^  to  raise  S75m-$S0ni  in 
higher  than  in  the  previous  trend  is  also  being  attributed  to  pared  with  an  DM  100m.  average  trend  to  lack  of  signs  of  a pick-up  pQblic  anv  of  the  lOm  shares  badly  needed  capital  and  must 
month,  at  some  DM5.3bn.  The  attractive  yields  coupled  with  in  the  previous  two  months  and  In  economic  activity  after  the , or  so  of  convertible  Preferred  raise  at  least  S50iu  for  the  re- 
level .was  also  over  70  per  cent  expectations  of  steadier  interest  DM500m.  in  July  1975.  And  in  slow  down  in  the  second  quarter  Ltock  that  are  not  purchased  by  insurance  nlan  to  become  effec- 
higher  than  in  the  samV  period  rate  trends  attributed  in  turn  to  the  D-mark  foreign  loan  sector,  and  to  volatility  in  recent  infla-  cmc™ common  sbSoldere  or  {fve  become  enec 

last  year.  the.  Federal  Government’s  ability  which  has  been  benefiting  from  tion  indicators.  Against  this  1 casuaity  insurers  who  hav*  insurance  - industrv  analysts 

Gross  bond  sales  were  also  to  control  inflation.  the  recent  strength  of  the  background  there  is  still  au  SSSP  to^Sffip.5  to  tiS 

cr«m  at-w- , reported  to  have  been  exception-  Meanwhile,  sentiment  lias  also  uerman  currency,  .nine  new  “exceedingly  moderate  ’ volume  1 ^insurance  arrangement,  the  writer  would  help  the  company's 

^ large. during  the  month  at  a been  helped  by  generally  lower  issues  (including  private  place-  of  corporate  bond  flotations  due . c.ompaily  efforts  to  raise  additional  canital 

ISSS3&  wer«  insrj3yD?ssii  i , FE  3SHSrS 

cent,  up  on  July  . -«««  fi"  - "« ^ 2=B«  iflSa-SEiS^ 

'indusrry  sources  identified  the  “satisfactory  arrangements"  with 

Srm  as  Salomon  Brothers.  New  casualty  - insurance  - industry 
fork.  Officials  of  Salomon  members  as  to  their  subscrip- 
Brothers  couid  not  be  reached  tion  of  convertible  Preferred 
for  comment.  stock.  A worsening  of  GEICQ’s 

GEICO  also  said  ii  could  not  financial  condition  also  might 
release  additional  information  affect  the  underwriters'  partici- 
about  the  offering  or  its  second  potion,  the  company  said. 


The  primary  market  has  lately  to  foreign 


Irffc  Dhotn,  Board 
-.  .spokesman. 


Heinz'  Niederste-Ostholt, 
Board  deputy  spokesman. 


“fflGHTS"  C?*3tn  lake  up  the  New  2 per  cent,  lower  than  at  the 
ratio  of  one  to  32.  end  df  '-1975.  Interest  margins 

11  --  - shares  will  have  divi-  remained  "•  at  about  the  same. 

s dating  from  July  I level  as  at  the  end  df  lBTOj  while 
fer  is  open  from  Sep-  interest  earnings,  at  DM482.7mn 
d September  16.  The  were  some  0.4  per  cent  up  on 

t bring  the  bank’s  half  of  the  previous  year's  total. 

-zpital  up  to  DM643-6m. ' The  bank’s  balance  sheet  total 
— reserves  -up  to  just  had  . -slipped  slightly  from 
^L09bn.  (£239ia.).  Thus,  DM38&bn.  at  the  end  !of  1975 
! - • - own  capital  resources.  to--about  DM38fibn.  by  the'  :ehd 

—sake  from  DM1.55hn.  of.  June.  Operating  profits  were 
-to  DMlJSbn.  (£380.41.  slightly  under!  the  level  of  the 
*-  jg  to  the  bank,  the  same  period  of  1075,  but  last 

. r aising  will  further  year  they  had  been  at  a record 
its  ability,  to  take  full  level. 

-of  the  opportunities  Foreign  business,  said  Herr 
offered  °y  “*e  Dhom,  whs  taking  an  increas- 
ingly  important  role'  in  the 
>ert  Dhom,  spokesman  bank's  business.  About  a third 
nk  s executive  Board,  of  the  bank's  business  came  from 
--ie  Board  was  satisfied  overseas  and  preparations  bad 
ret  half  performance  been  made  to  open  new  branches 
At  this  stage  they  in  Brussels,  Paris  and  Tokyo. 


Higher  profits  from  Union  Steel 


BY  OUR  OWN  CORRESPONDENT 


JOHANNESBURG.  August  IS. 


UNION  STEEL  (USCO)  has  ment  is  notable  and  confirms  have  little  difficulty  financing  its 
become  the  latest  in  a long  line  of  USCO’s  recovery  from  the  losses  RBm.  capital  spending  programme 
South  African  companies  to  made  two  to  three  years  ago.  and  should  have  something  over 
report  higher  profits  for  the  At  the  earnings  level,  the  to  repay  long  term  borrowings  of 
period  to  end  June,  its  half  way  figures  are  ahead  from  R2.85m.  R16m.  in  the  last  balance  sheet, 
stage,  against  the  background  of  to  R3.04ra,  partly  reflecting  Borrowings  as  a percentage  of 
Lhe  continued  stock  market  higher  income  from  the  joint  shareholders’  funds  were  uncom- 
dedinc.  venture  with  Palabora,  Trans-  fortably  high  on  this  basis  at 

Admittedly,  USCO  s rise  is  vaai  copper  rod,  and  in  per  share  88  per  cent 
small  with  the  operating  surplus  terms,  the  rise  is  from  9.7C  to  Steel  output  is  running  at  about 
up  from  RS.6m.  to  RBJBm.  on  10.4C.  There  is  no  dividend  at  300,000  tons  per  year  and  the 
sales  up  from  R64m.  to  R72m.  the  interim  stage,  but  last  year's  increasing  emphasis  on  special 
But  for  a group  with  its  com-  total  was  5.5C  and  hence  the  steel  seems  to  be  paying  off-  Vet 
paratively  chequered  profit  shares  at  50C  yield  a prospective  with  29m.  ordinary  shares  in 
record,  and  in  view  of  the  minimum  11' per  cent  issue,  the  company  is  capitalised 

economic  downturn,  the  improve-  With  cash  flow  running  at  at  a mere  R14.5ra.,  Little  more 

RBm.  last  year,  USCO  should  than  a third  of  net  asset  value. 


Company 

Results 


Korf  sees  steel  boom 

BY  GUY  HAWTIN 

HERR  WILLY  KORF,  chief  of  day's  figures  show  that  last  year's 
the  Korf  Stahl  group  and  wonder  steel  recession  bit  hard, 
hoy  of  the  West  German  steel  The  group,  which  in  1974,  made 
INTERNATIONAL  HARVESTER  industry,  to-day  predicted  a a profit  of  DM33m.  (£7^5m.i  last 

decisive  breakthrough  in  the  year  notched  up  a loss  of 
steel  market  in  1977.  Next  year.  DM36m.  (£7.9m.j.  At  the  same 
he  said,  the  steel  cycle  was  bound  time,  turnover  fell  by  over  7.5 
to  go  through  a 180  degree  turn,  per  cent,  from  1974's  DM705.8m. 

The  next  steel  boom  would  be  (£155m.)  to  DM653-2m. 
“still  worse"  than  in  1974,  he  (£I43.6m.).. 
said.  Furthermore,  exports  would  The  losses  were  generated  in 
again  be  a major  factor  in  steel  the  steel  sector  where  turnover 
makers’  profits.  dropped  31.7  per  cent  to 

A boom  around  the  corner  is  DM420m.  Crude  steel  output 
certainly  a comfort  not  only  for  sank  12.5  per  cent,  to  765,000 
Herr  Korf,  but  also  for  the  tonnes  and  rolled  steel  output 
Federal  Republic's  other  steel  fell  off  16  per  cent,  to  558,000 
manufacturers  whose  earnings  tonnes.  The  Korf  engineering 
took  a pounding  in  1975.  Korf  subsidiary,  however,  showed  a 
Stahl  was  no  exception  and  to-  DMlOm.  profit. 


ThW  Qmrtar 

1976 

ivrs 

S 

s 

Revenue  

Mbn. 

1.3bn. 

Profits  

37.9m. 

0.72m. 

Per  Share  

1.30 

— 

Share  diL  

Nine  Month* 

Revenue  

3.9bn. 

3.8bn. 

Profits  

125.0m. 

120.3m. 

Per  Share  

4.33 

4.28 

Share  dll.. 

F.  W.  WOOL  WORTH  & CO- 

Second  Quarter  ... 

MTS 

im 

s 

s 

^Revenue  ...... 

1.2bn. 

l.lbn. 

Profits  

16.1m. 

21.4m. 

Per  Share  

52c 

72c 

Share  diL  

• 

Landis  & Gyr  loss? 


August  18. 
high  Swiss* 


Federated  department 
stores  INC. 


• Second  Quarter 

1976 

1975 

S 

5 

Revenue  

805.1m. 

839.9m. 

Profit^  

20.7m. 

27.6m. 

Per  Share  .... 

47c 

62e 

She  Months 

Revenue  

1.7bn. 

I.Bbn. 

Profits  

45.7m. 

51.9m. 

Per  Share  ..... 

1.03 

1.17 

BY  OUR  OWN  CORRESPONDENT  ZURICH. 

THE  SWISS  electrical  engineer-  recovery  and  the 

ihg  concern  Landis  and  Gyr,  of  franc  rate _ 

Zug.  considers  it  very  doubtful  In  1874-75  Landis  and  Gyr 
whether  it  will  return  to  the  hooked  a loss  of  Sw.Fr.34.2ni.. 
profits  zone  during  the  current  the  first  time  it  had  been  in  the 
financial  year  1975/76.  This  is  red  for  40  years. 


the  company's  house  magazine,  is  to  omit  a dividend  payment 
to  hard  competition  in  the  Swiss  for  the  first  time  in  some  40 
engineering  industry,  difficulties  years.  In  the  financial  year 


has  not  yet  been  any 


Sw  Jr. 203  m.. 


Credietbankif 
profits  rise 
by  30% 


JOHANNESBURG  STOCK  MARKET 


By  Michael  Van  Os 

AMSTERDAM,  August  18. 
NEDERLANDSE  Credie thank, 
one  of  Lhe  major  Dutch  banks, 
to-day  reported  first-half  net 
profits  of  Fls.6.4nu,  which 
represents  an  increase  of  at 


BY  RICHARD  ROLFE 


JOHANNESBURG,  August  18. 


i SHARE  PRICES  in  Johannesburg  vestor  is  tempted  back  into  the 
least  30  per  cent.  011  the  profits  ,have  taken  a real  beating  in  the  Johannesburg  market,  which  pos- 
recorded  in  the  same  period  j past  few  trading  days  and,  for  the  sibility  looks  remote.  An  .ini- 


last  year  (Fls.-L9m.». 

The  bank's  statement  pub- 
lished here  shows  that  total 
revenue  has  risen  to  Fls.79.4m. 
ln  the  period,  which  is  up  18.5 
per  cent.  IFIsiTm.),  of  which 
interest  and  currency  trade 
income  accounted  Tor  FIs. 
48.3 m.  ( FIs.  48.6m.)  and  com- 
mission and  bourse  business 
income  FIs. 3 1.1m.  ( FIs^6.4m. ) . 


r«i  rm<c.  IMWnOH -SMITH  t Ca 


first  time  in  some  weeks,  the  proved  outlook  for  tbe  economy, 
rate  of  fall  locally  has  been  some  political  solution  to  the 
greater  than  overseas.  The  Rhodesian  and  S.  W.  African 
Securities  Rand  Discount,  which  issues  and  an  end  to  the  civil 
put  another  way  is  the  premium  disturbances  in  South  Africa  it- 
at  which  Johannesburg  stocks  self  look  to  be  required  before 
sell  over  their  equivalent  prices  any  great  weight  of  overseas 
in  London  and  New  York,  nar-  money  can  return,  at  least  in  the 
rowed  from  U.S.dfic  (42  per  form  of  portfolio  investment, 
cent)  to  U.S.72c  137  per  cent.).  Direct  investment  remains 
The  South  Afr’can  institutions  reasonably  strong,  with  BP  only 
which  have  teen  mopping  up  this  week  announcing  plans  to 
overseas  offerings  of  stock  appear  spend  K375ni.  in  South  Africa 

over  the  next  five  years,  a sum 
which  was  originally  to  have  been 
spent  over  ten. 

i 1 f Balance  of  payments  con- 

straints will  probably  militate* 
against  any  reflection  of  the 
economy  before  mid-  to  end-1977 
unless  the  present  policy  of 
I I I giving  priority  lo  a reduction  of 

tbe  12  per  cent,  inflation  rate  is 
reversed  because  of  its  adverse 
implications  for  black  unemploy- 
ment 

Assuming  the  present  line  i.s 
unchanged,  the  broadly  favour- 
1 * I able  trend  of  industrial  profits  is 

bound  to  turn  down  before  long 
and  indeed,  there  have  been 
recent  signs  from  groups  with 
widely  spread  interests  that  this 
is  already  happening. 

Following  the  dividend  cuts 
to  have  lowered  their  sights  and  from  Union  Corporation  and 
the  market  leaders,  have  fallen  Gold  Fields  of  South  Africa, -two 
across  a broad  front,  carrying  of  the  biggest  mining  houses, 
the  Rand  Daily  Mail  industrial  and  admittedly  with  substantial 
index  down  to  185.  Chartists  an-  gold  exposure,  the  results  from 
ticipate  some  support  at  this  Johannesburg  Consolidated  next 
I level  but  there  is  a strong  po.«-  week  will  be  keenly  awaited. 

1. sibility  that  the  index  will  test  0 Having  gone  to  an  all-time 
; its  earlier  bear  market  lows  in  low  in  the  last  fortnight  (42%  • 
FOOD,  glass  ;ihe  155  region  before  any  re-  the  Security  Rand  Discount  has 
and  dairy  group  BSN-Gervais  ; covery  is  likely.  since  narrowed  again  to  37  per 

Danone,  reported  first  half  : In  the  short  term  some  rally  cent.  London  cum  premium 
turnover  thfs  year  of  can  be  expected  from  the  present  prices  are  currently  14  per  cent. 
Frs^.713bn„  an  increase  of  14.5  ] desperately  oversold  position  hut  below  itbnse  in  Johannesburg, 
per  cent,  over  the  previous  .it  may  prove  only  a temporary  having  been  22  per  cent,  below 
year.  ; rerpite  unless  the  overseas  in-  at  one  stage. 


Swiss  lend  to  Bonn 

SWISS  VOLKSEANK.  of 
Berne,  has  agreed  to  lend 
DM200m.  in  the  form  of  a Si- 
mon th  credit  te  the  Federal 
German  Government.  This 
loan,  which  follows  a similar 
credit  of  DIHTSQm.  made  by 
the  Union  Bank  of  Switzerland, 
the  Swiss  Bank  Corporation 
and  lhe  Swiss  Credit  Bank  to 
Bonn  in  June,  carries  (he  same 
Interest  rate  of  65  per  cent. 

DMlCOm.  for  Mexico  j 

LATEST  foreign  issue  on  the 
German  bond  market  is 
DMlOOm.  for  the  Mexican 
Banco  National  de  Obras  y 
Servicios  Publico*.  The 
five  year  issue.  Cor  which 
Dresdner  Bank  is  lead  mana- 
ger, offers  an  indicated  coupon 
of  9 per  cent.  It  will  be  Govern- 
ment guaranteed. 

Sales  rise 
for  BSN 

PARIS,  August  18. 


UpM.1-!-.— L.i-1 


1975  1976 


anges 


■N  WICKS 

. INTERNATIONALLY 
ipean  H&tel  Corpora- 
te of  the  Penta  chain, 
management  or  fran- 
a number  :of  . new 
Drth  Africa  and  the 
These  include  pni- 
:asablanca,  Agadir. 
Cairo.  It  is  under- 
he  .company  would 
jr  no  financial  par- 
__  the  hotels'. 

1*1^  approach 

! ^ a mark  the  further 

1 ! of  a new  approach 
v . of  the  Amsterdam- 
,-ation.  set.  up  in'  1970 
,Bnia  ”)  airlines  -and 
establish  an  inter- 
in of  medium-priced 

: was  foreseen  that 
1 hotel  should  be 
each  participating 
ireby  51  per  cent. 
4d  by  the  corpora- 
' cent,  by  the  . local 
inline  and - the  re- 


maining 24.5  per  cent,  by  the 
management  subsidiary  of  EHC 
Hotel  - Services  of  London,  or 
local  Interests. 

This  pattern  has  not  been  fully 
realised,  though  European  Hotel 
Corporation  ■ holds  the  51  per 
cent,  controlling [ -interest  in  the 
London  and.  Paris,  hotels  and  the 
Geneva '“Penta”  due  to  open  in 
•a  yearlstime.  The -/participant 
airlines  ~ British  Airways.  Luft- 
hansa, Alitalia  and  Swissair — to- 
gether hold  a 24.5  per  cent,  stake 
in  the  Paris  venture,  with  British 
Airways,  and  Swissair  as- share- 
holders in  the  London  and 
■Geneva  hotel®,  respectively,  and 
Lufthansa  jxr  the  Munich  hotel — 
in  which  EHC  no  longer  holds  the 
majority  stake. . The  Grand  Met- 
ropolitan -group  bolds  24J5  per 
cent.'  each  of  the  London  and 
Paris  Hotels’  stock  and'  Inter- 
continental ■ the-  same  share  in 
Munich: 

As  a second'  stage,  the  corpora- 
tion foresaw  the  bolding  of  a 
minority  stake  In  the  order  of 
10-15  per  cent  in  other  projects, 


ivik  profits  to  fall 


though  with  management  in  the 
hahdi  of  EHC  hotel  services. 
This  has  been  the  case  with  tbe 
Penta  hotels  in  Copenhagen  and 
Lisbon. 

The  most  recent  phase  of 
development — apart  from  associa- 
tion agreements  with  similarly- 
angled  hotels  like  Nova-Park  in 
Zurich  and  Barbizon-Plaza  in  New 
York— is  for  straight  manage- 
ment^ contracts.  These  are  al- 
ready' in  force  with  hotels  bear- 
ing the  "Penta  ” name  in  Dussei- 
dorf  and  the  Algarve.  Tbe  North 
African  and  Middle  Eastern  pro- 
jects would  also  run  along  these 
lines. 

As  far  as  other  expansion  plans 
are  poncerned.  EHC  is  interested 
primarily  in  further  opportunities 
in  Europe  and  Paris — particularly 
in  the  Mediterranean  area.  It 
appears  that  a number  of  plans 
originally  .envisaged,  including 
projects  in  the  Far  East  and 
South  America,  have  been 
postponed. 

Despite  a certain  re-adjust- 
ment  of  the  corporation's  aims, 
business  is  to-day  showing  a 
marked  improvement  in  major 
Penta  hotels.  Turnover  was  well 


ZURICH.  August  IS. 

up  in  the  first  half  of  this  year, 
with  the  London  hotel  recording 
over  SO  per  cent,  room  occupancy 
and  those  in  Paris,  Munich  and 
Copenhagen  above  70  per  cent. 

Shareholders 

According  to  unconfirmed 
reports,  the  future  couid  bring 
a slight  shift  within  the  parent 
company’s  shareholder  list,  with 
Alitalia  reducing  its  stake  while 
Lufthansa  and  Swissair  increased 
theirs.  At  present.  British  Air- 
ways holds  one-third  of  the  EHC 
capital — due  to  the  merger  of 
the  BEA  and  BOAC  — while 
Alitalia  and  Lutfhansa  have  16; 
per  cent,  each  and  Swissair  8J 
per  cent. 

The  remaining  one-quarter  of 
the  corporation's  capital  is  to-day 
accounted  for  by  S.  G.  Warburg, 
Deutsche  Bank,  Union  Bank  of 
Switzerland,  Banque  de  Paris  et 
dcs  Pays-Bas  and  Banca  Com- 
merciale  Italians.  Should  there  be 
any  changes  in  the  make-up  of 
shareholders,  it  seems  certain 
that  the  airline  : bank  ratio  of 
75  per  cent,  to  25  per  cent,  would 
be  retained. 


WALKER 

profit  of  the 
group  is  expected 
Kr.300m.  (£37m.) 
: of  1976 — a drop 
it. — compared  with 
1975,  according  to 
interim  report. 

I ;s  in  1976  are 
n crease  by  9 per 
:otal  of  . Kr.4-0bn. 
th  . Kr ,3.6b n.  last 


intake  has  started 
,mg  a drop  during 
, ’ rt  of  1975.  During 

of  this  year  there 
ocrease  of  IS  per 
j the  total  up  to 
8m;).  During  the 
. 'S  of  hard  metal 
, >ed  by  2 per  cent 


.'/STOCKHOLM,  August  18. 

compared  with  the  same  period 
in  .1975,- as  well  as  steel-  products 
which  were  down  by  11  per  cent. 
Saw's  and  -hand  tools  showed  an 
increase  of  78  per  cent,  while 
steel  hand  conveyors  were  up 
by  16  per  cent. 

' In  common  with  other  Swedish 
companies.  Sandvik  reports  that 
cost  increases'  continued.  These 
and  other,  factors  such  as  the 
reduction  in  the  volume  of 
deliveries - have  contributed  to 
the  reduction  in  profits.  Invest- 
ments -are  improving  and  during 
1976  are  forecast  to  'am  onnt  to 
Kr ,450m.  Sandvik  forecasts'  that 
the  business  cycle  which ' has 
already  shown  a slight  t upward 
trend  - wifi  continue  , to  .improve 
during  1977.  - - . - 


SELECTED  EURODOLLAR  BOND  PRICES 
MID-DAY  INDICATIONS 


STRAJGHTS  - Bid 

Aicaa  situ  laas 103 

Acrntpiiae  iopc  1985  ..  hmj 

B owner  s;dc  I8S6  JlCt 

Cajsso  KaHonal  Aurorouzp 

SpcTSSA  »i 

C.N-K.  (Rpc  1865  KUi, 

E.CLS.  Bipc  18SH  lot: 

e.lb.  Mpc  i»65 arcn 

Erap  92dc  19U  U£i 

ESSO  -fiipc  1988  Kov JOO: 

ElrroSnilL  8ipc  1983  1804 

Granges  saw  19M  102; 

I.SJJ.'^-snada  Wpc  1SSB  1021 
Massey  Ferguson  Mpo  1591  102 

MlctaoIla-'Sipe  1966  100* 

Mode : Vine  1863  1021 

National  Westminster  9pc  . 

lWfl  - 991 

Norcine  Sipc  1988  10U 


Weekly  net  asset  value 
ugust  16th  1976*. 
u\jo  Pacific  Holdings  N.V. 

n K 39.06 


v-*{  i ‘ 

ft  v 


»o  Pacific  Holdings  (Seaboard)  N.Yw : 

28.49 

on  the  Amsterdam  Stock  Exchange' 

kuirPioipau,  Heldring  & Pierson  N.Vi.  Henmgraeht  Amsterdam. 


-Non*-  Hsdrcr  91pc  19S6  . . lir: 

OsW  9oc  18S8  - 1002 

Pacific  LUSu  Hpc  1»8  Ml 

Prar.  -Quebec  flne  1SS4  ...  10U 

Sandvik  04 pc  -193C  1024 

Scan  rear  sipc  14StS 

5.F3,  Sjic  1933  

Sben  Bpc  1938  

Standard  OH  (ind.i  Sipc 

1966  ..- 

Svensfca  Harufc’ls  9tpc  1966 

Volvo  Sine -1983  .....  

NOTES 

Bank  of.  Tokyo  SJpc  3981 
Bandars  9ipc  19S2. 

BrMdr  Gas  9pc- 1981  Ufl 

Charbezzn&SH  France  81pc 

1981  • 

Tli-ranark-Mod.  Bt.Spc  'S3 
E.GJi.  BJDC  1981-.. 

E.RC.  Sipc  1982  

Montreal  urban  sine  lssi 
Sadnnalr-FInaDcifira  16pc 

1981  l«i  (M 

Nationa]  Coal  Booed  Slue 

l981.--.v~.,,,. — BS*  V» 

Sew  BrocAvkic  Protf.'Mbc 

i98s  ~ 10a  . ini 

SMXram  Vpc  1983  ...  iic*  103 

Sums:  White  IfeU  Staitinee,  London. 


loot 

101 

1034 

10U 

163} 

101 
1 <K3 


1D0 

lilti 

101 

;»7t 

.981 


Offer 

10-14 

1054 

103 

1001 

1031 
1024 

104 

io:n 

IL'li 

101 

101! 

10JJ 

■IKS 

1011 

1934 

10M 

102 

1032 
1014 
fit* 

103 
1D3 
1001 
mi 
JOli 

104 
1034 
1M4 

. 1912 
W 
100} 

in: 

u: 

10U 

98i 

99 


CONVERTIBLES  Rid  Offer 

American  Esmvss  11  pc  *87  M>4  . 864 

Ashland  dpu  1988  M se 

Beatrice  Foods  4{pc  1991..  99  Itn 

Beatrice  Foods  *a»c  1692...  in  313 

Borden  Spc  1992  10n  102 

Broadwar  Bale  42pc  1987  rr  79 

Canon  Camera  ripe  1989.-  lii  — 

CarnaUon  4 pc  1987 06 

Chevron  ape  1988  iiSi  1304 

nan  4Uw  jsrr  «:  34 

Eastman  Kodak  4!pc  1BSS  1144  U«i 

Economic  Labs.  4jpc  1987  71  77 

Fed.  Dept.  Stores  4‘pc  ‘85  Ho  113 

Firestone  5 pc  19S8  - 59  91 

lrOrd.  6pc  1986  97!  9*4 

IMrrt  5pc  19SS  • R74  99i 

General  Electric  41pc  19S7  Sjj  874 

Gillette  42 PC  19S7  76  78 

Goold  ape  1967  99  101 

Gnir  and  Western  Spc  UdS  974  89* 

Karris  5pe  IMS  - 944  934 

KoDCWt-ll  6pc  1986  86  98 

ITT  4Uw  US7  ......_ 761  T»t 

Komatsu  7! pc  1990  life!  110 

J.  Rav  McDermott  4Jpc  *67  1454  1473 

Mitsubishi  Elec.  TJpc  1991  104  1054 

Mitsui  Tipc  1990  104  1054 

J.  P.  -Morzan  4ipc  19E7...  lin  112 

Nabisco  SJpe  19S8  941  901 

Owens  nunofc  <4po  1967  ...  99  101 

3.  C Penney  44pe  3987  ...  79  81 

Pioneer  Bipc  1938  ...........  555  — 

Raymond  S4pc  1985  JBI#  10ZZ 

Revlon  4 fate  1987  Ill  113 

Reynolds  Mentis  Spc  1988  94  96 

Sperry  Rand  Upc  1887  ...  98  108 

Soiubb  -tipc  19S7  77  79 

Ti-saeu  4tpc  1988  T9  St 

Toshiba  Bine  ISM  w no] 

Union  Carbide  4tpc  19S2...  118  119 

Warner-Lambert  4'4pc  .1987,  BI4  934 

Warner  tamben  4Jpc  19®  <1  u 

Xerox  Spc,  ;tw  fan 

Source;  Kidder,  Peabody  Secunfaea. 


CANADA  PERMANENT  MORTGAGE  CORPORATION 

and  its  subsidiary 

CANADA  PERMANENT  TRUST  COMPANY 

Report  for  the  six  months  ended  30  June  1 976 


Net  earnings  for  the  six  months  ended  30  June 
1976  increased  by  20%  to  57,369,000  (S1.04  per 
share)  from  $6,132,000  ($0.85  per  share)  tor  the 
equivalent  period  in  1 975. 

These  improved  earnings  are  attributable  to  a 
significant  increase  in  net  income  derived  from  mort- 
gages and  other  loans  and  to  higher  levels  of 


commissions  earned  in  the  real  estate  area.  Since 
1 July  1975,  total  assets  have  risen  by  almost  $570 
million  (24%),  including  an  increase  of  approxr 
imateiy  $370  million  in  outstanding  mortgages. 

On  the  basis  of  the  current  rate  structure  for  the 
Group's  loans,  prospects  for  the  remainder  of  1976 
appear  favourable. 


Unaudited 


Six  months  ended  30  June 

197S 

1975 

Tncrea: 

CONSOLIDATED  OPERATIONS 

SOOO’s 

6000's 

Revenues — — . — ■ — — ■ — 

151.890  1 1 7.649 

23 

Net  operating  income  before  income  taxes 

10,364 

8.629 

29 

Net  operating  income — 

7.427 

6 0-18 

23 

Nat  earn  ings — 

7.369 

6,132 

20 

Net  earnings  per  share-- — . 

$1.04 

S0.86 

21 

As  at  30  June 

CONSOUDATED  ASSETS  AND  LIABILITIES 

1976 

1975 

Assets 

5000's 

SOOO's 

~Mortgages ■ 

2,311.449 

1.938,961 

19 

314.886 

310,429 

1 

All  other  assets — 

362,030 

1 69,833 

113 

Total  assets  

2388.365 

2,41 9,228 

24 

Liabilities  and  equity 

SOOO's 

$ODO’s 

. Deposits  and  customer  borrowings-.^— 

2,799.477 

2,262.735 

..  24 

Other  liabilities 

70,490 

46,705 

51 

. Shareholders'  equity  — 

118.398 

109,788 

3 

Total  liabilities  and  equity  

2,988,355 

2.419,228 

24 

the  Permanent 

Established  in  1 855 

Savings,  Mortgages,  Loans,  Real  Estate,  Corporate  and  Trust 
Services.  Network  of  branches  across  Canada  with  regional 
offices  in  Halifax,  Montreal,  Toronto,  Winnipeg 
and  Vancouver. 


Copies  of  Canada  Permanent  Mortgage  Corporation's  Interim 
Repon  for  the  six  months  ended  39  June  1976  and  of  the  1£>7d 
Annual  Report  may  be  obtained  from  Canada  Permanent's 
London  office.  65  Grosvenor  Sheet.  London  W1X9DB  or  from 
its  London  associate  banking  company,  Canada  Permanent 
AFI  Limited,  1/2  Finsbury  Square,  London  EC2A  1AL 


18 


' x ; ! • TSe  Khactciar-  ISM.  Olnrs&y;.  Augo^t  19  1976 


Tubes’  midway 
better  than  expected 


ON  EXTERNAL  sales  up  from  The  basis  of  the  UJv  stock 
£291.7Sm.  to  £33S.51DL,  first  half  valuation  has  been  adjusted  with 
1H"6  pre-tax  profit  of  Tube.  In-  effect  from  January  X,  1976.  The 
vestments  decreased  front  effect  of  this  change  has  been 

119:23m.  to  £18.52  nu  which  is  to  Increase  the  trading  profit  for 
better  than  was  indicated  earlier  the  six  months  by  some  £lm.. 
this  year,  the  directors  state.  For  and  both  opening  stocks  and 
the  wear  1975  sales  were  £Gl8.77m.  reserves  by  some  £fim. 
and  pre-tax  profits  £42 Taxation  -has  been  reduced  by 
Attributable  earnings  for  the  the  utilisation  against  current 
six  months  were  up  from  £SA7m.  profits  of  -losses  brought  forward 
to  £8^7m.  or  19.5p  (20.fip)  per  £1  mainly  by  overseas  subsidiaries, 
unit.  The  interim  dividend  is  As  a result  of  .the  continued 
lifted  from  Sp  to  &8p  net  Last  depredation  of  the  pound  a 
year’s  total  was  27.055p.  potential  adSticmal  liability  was 

s«  tnonaw  Year  incurred  on  Swiss  and  other 
ISf  ™ IS  currency  loans  amounting  to 
'skh  tube  sale*  ...  mss  iw.741  2M.G87  around  &xcL 1 However,  tte  Se- 
crete   -w.fiH  37JS3  ssjrax  ling  value  of  TTs  overseas  in- 

consnmer  ananrr...  1.733  1,40s  3,i3«  vestments  appreciated  by  about 
Domestic  appliance  si.ruj  «it*>  The  figures  will  be  included 

Martte1?....:::::::::  S:S  in  the  airauras;for  the  full  year 

industrial  decimal  7.550  7.S34  U9M  on  the  basis  of  the  rates  nrifllg 
.Mien  West  Simplex  14.151  1QJ12  si,«7  at  end  1976,  it  tf  stated. 

53,731  37,914  S7J96 


engineers  Robert  Jenkins  (Hold  . 
inga)  with  effect  from  to-day.  This 
follows  a placing  of  157,000  Ordi- 
nary shares  in  the  company 
among  institutions  at" a price  of 
£2.32  per  share. 

The  shares  are  not  quoted  oil 
the  London  Stock  Exchange. 


First  half 
advance 
for  BC A 


fHi-rwas 


Tolal  external  wlto  3 SUW  VL. 7E  tB,7M  JJrjtjgh  AlullUlUlini 


Trail  raj  profit 
Profit  sale  praps. 
Depreciation  ...  ■ 
Tradins  profit  . 
BJl.  proponkm* 

Sharp  nssuciairs 

Ini  .-rest  chana.  s 


2B.W7  SSXS  62,145 
9 3«  sra 


« ii7  i mi  iisia  Pre-tax  profit  of  the  subsidiary, 
19-9*9  saltiao  90,904  British  _ Aluminium,  expanded 


2J»55  K3 
1.453  2.5115 

SJ1I  3. MS 


Profit  before  loan 

22JBTI 

2M96 

®?.53Z 

Stud  tabi-  

11JJ7 

I3J37 

23.129 

l.mn 

I>j3B 

3J57 

■89 

548 

1,211 

-sm 

3^01 

3.082 

1.31 

1.428 

2591 

■i553 

938 

25PI 

Iadusiria!  elec.  — 

174 

419 

547 

.VUcn  HV51 

Simples 

782 

1.015 

IJ<99 

4.13 

lJfiS 

6JB9 

«88 

TaS 

236 

2543 

322 

773 

n.s? 

3.470 

7.195 

18A9 

19^26 

C JSt 

S^fW 

10.038 

si.ro 

753 

722 

1.40S 

S.S66 

E.4i)3 

19.08 

Ertraorilinarv  items 

U 

SJS3 

8.476 

19.352 

4,012 

3.643 

7.766 

• Pro  portion  of  profit  txaono  ux  appac- 

abte  to  T.L  t I^ss 

f Debus. 

773  sharply  from  £0.7m.  to  £fi-l2m.  in 
the  half  year,  and  Is  well  in 
6,5:9  excess  ol  the  £L72m.  for  the  year 
75.  Turnover  for  the  six 
oaths  advanced  from  £57.62m. 
£S2J7m. 

In  view  of  the  improved  results 
elm  the  directors  state  that  they  feel 
2.SM  justified  in  raising  the  interim 
M7  dividend  from  lp  to  5p  net  per 
. unit.  Last  year’s  total  -was 
5p. 

Net  profit  for  the  period, 
excluding  extraordinary  items, 
J-Jlp  came  to  £2. 77m.  (£0.41X0.).  The 
2X7M  interim  dividend  takes  £579,000 
1141,000). 

„ . The  volume  of  exports 
improved  substantially,  aided  by 
77M  the  weakness  of  the  £ although 
this  same  weakness  imposes  a 

..  heavy  burden  in  the  purchase  of 

The  steel  tube  division  mam-  raw  materials  from  hard  currency 
tamed  its  momentum,  offsetting  areas. 

a lower  demand  for  capital  goods  improvements  in  efficiency 
with  some  revival  in  demand  achieved  during  the  difficult  con- 
front the  motor  industry  and  con-  dittans  of  1975,  together  with  the 
tinuins  high  exports,  the  direc-  -upturn  io  demand  for  the  co in- 
to rs  state.  pany’s  products,  enabled  the 

Poor  trading  results  in  the  profit  to  recover  from  last  year’s 
domestic  appliance  division  “wholly  unacceptable  position” 
stemmed  from  the  depressed  towards  a more  satisfactory  level, 
state  of  home  demand.  A return  the  directors  state, 
to  the  former  volume  is  not  to  be  Capital  investment  was  main- 
expected  in  the  near  future  when  mined  even  during  the  recession 
there  is  a Tall  in  the  real  pur-  but  current  results  will  enable  it 
chasing  power  of  consumers  in  to  be  increased  during  the  second 
prospect.  half  of  this  year. 

The  cycle  division  mitigated  The  remainder  of  the  group's 
the  effects  of  the  reduced  demand  Swiss  medium  term  debt,  which 
in  the  U-S.  market  with  higher  totalled  SwJYajO^m.  at  cud 
sales  in  other  overseas  territories.  1975.  has  been  repaid.  No  further 
There  was  an  upturn  in  export  provision  for  exchange  losses  has 
orders  for  machine  tools,  but  it  been  necessary  beyond  that  made 
was  too  late  to  protect  the  at  Dec.  31,  1975. 
machine  division’s  results  for  the  Sales  of  another  sub- 
period from  the  effects  of  the  si  diary.  Aluminium  Corporation, 
low  order  intake  during  the  latter  advanced  from  £2 -36m.  to  £3.55m. 
half  of  1975.  in  the  six  months  and  pre-tax 

Demand  for  aluminium  pro-  profit  advanced  from  £37,478  to 
ducts  recovered  sharply  from  the  £360,726. 

low  level  of  mid-1975  . and  this.  The  order  Intake  continues  to 
combined  with  improved  prices,  be  strong  and  prospects  for  the 
brought  about  a significant  ira-  remainder  of  the  year  are  good, 
provoraent  in  the  performance  If  this  proves  to  be  tbe  case  it 
of  British  Aluminium.  could  signal  a return  to  the  satis- 

The  expectation  is  that  con-  factory  performance  of  1973  and 
tinning  strength  in  overseas  1974,  the  directors  state, 
markets  followed  by  some  ira-  See  Lex 

proveraent  in  investment  demand 
should  enable  tbe  group  to  main- 
tain profits  at  about  recent  levels, 
until  a wider  recovery  of  the  UJK. 
economy  takes  place. 


PRODUCERS  and  suppliers  of 
aggregates,  BCA.  a subsidiary  of 
Associated  Portland  Cement  Manu- 
facturers, reports  pre-tax  profits 
up  from  £247,266  to  £306,712  for 
the  first  half  of  1976  on  turnover 
of  £2.94in.  against  £2J58m. 

The  interim  dividend  is  held  at 
OJHip  net  per  20p  share.  Last  year’s 
total  was  2.0276p  paid  from  pre- 
tax profits  of  £567.722.  . 

The  chairman,  Mr.  T.  HL  Chester- 
field, says  that  the  level  of  activity 
of  the  construction  industry  in  tbe 
group's  areas  continues  to  decline 
but  less  steeply  than  in  1974  and 
1975.  Profits  for  the  first  half 
show  an  Improvement  but  the 
volume  of  trading  in  the  rest  of 
the  year  is  expected  to  continue 
at  much  the  same  level  and  mar- 
gins are  under  increasing  pressure. 

The  recently  announced  cuts  in 
Government  expenditure,  many  of 
which  will  apply  to  road  construc- 
tion and  maintenance,  wider  line 
the  already  clear  prospect  that  the 
present  depression  of  the  industry 
wild  continue  in  1977,  he  adds. 

Half  sear 

me  ms 

i 1 

Turnover  2.WWQ9  2^B33M 

Trading  profit 6541977  586,046 

DeprcdatliKi  314X79  292.882 

Share  associate 7.127  8.094 

Jtrreatmctt  Income  ...  2£X  SUM 

Finance  charges 43.272  . 54£7S 

Profit  before  tax  306.712  247.266 

Tax  - 210.500  188 .825 

Net  profit  - 87,212  38.411 


A.-Ameriean 

Securities 


increase 


ROBT.  JENKINS 

An  “over-the-counter"  market 
will  exist  in  tbe  shares  of  process 


Anglo-American  Securities  Cor- 
poration reports  gross  revenue  up 
from  £1.4803.  to  £1.5 6m.  and  an 
advance  in  pre-tax  revenue  from 
£1.19/11.  to  £1.25m.  for  the  six 
months  to  July  15,  1976. 

An  unchanged  interim  dividend 
jf  Ip  net  per  23p  share  has 
already  been  announced.  Last 
year's  total  payment  was  2J5p 
from  pretax  revenue  of  £2.42m. 

The  net  asset  value  at  the  end 
of  the  first  half  was  125p  cum 
dividend  (124p  c.d.  at  January  15) 
or  123p  c.d.  (122£p  c.d.)  fully 
diluted. 

six  months 

18TB  . UTS 
£ £ 

Grots  revenue  lI55E.(|3fl  1.478.714 

Expenses  and  int.  *06,2711  254.962 

Revenue  before  tax  ...  UHB.771  UU.7S2 

Taxation  488,829  478468 

Preference  Olv.  

Leaving  - . — -. 

Interim  Ord.  ............... 

Retained  


40.6U 
719.531 
539.683 
179  348 


140,6111 

6734133 

539.6831 

133,350 


Bl§£  AND  DEALS 


Berwick  Timpo  to 
acquire  Harbutt’s 


TOY  GROUP  Berwick  Timpo  is  to  exceeding  S5.000  may  ateo  be 
make  an  agreed  bid  worth  £600.000  payable  if  certain  tax  liabilities 
for  Harbutt's  Plasticine,  -a  family-  for^hicb  provision  has  been  made 
controlled  private  company-  Ber-  do  not  materialise.  The  acquisition 
wick  is  to*pay  46Jp  cash  now—  will  be  satisfied,  by  the  ussue  of 
worth  £150 ,009— plus  * a further  Black  and:  Edglngton  Qramaiy 
three  tranches  of  £150  000,  also  in  shares  rained  on  the  bans  of  the 
cash,  over  the  next  three  yearsT  ■ middle  market  price  ruling  at  the 
The.net  tangible  assets  being  time- of -issue.  • 

acquired  wexTvalued  at  £365.000  ^ Turnover  ofthe  John  Edgmgton 
In  the  last  balance  sheet,  flar-  Group*  which  is  a contract  hirer 
butt'a.  which  has  a patent  on  the  of- tents  ^ 

plasticine  name:. phis  considerable  order  of  £500,000  and  net  araets 
interests  in  the  wax  crayon  mar-  beingacquired  are  ui  excess  of 
fcet,  made  a "loss  last  year  of  over  £300,000. 

£30.000.  It  has  othcr  interests  in 
boxed  toys  and  novelties  through 
two  subsidiaries,' A.  E.  Bangham 
and  Marehant  .(Games),  though 
these  have  made  losses  since  they 
were  acquired  four  years  ago.  It 
expected  that  these  interests 


RECKITT  OFFER 
MAY  POSE 
MONOPOLIES 
SITUATION 

The  Board  oF  Letraset  held  a 


will  be  amalgamated  into  ®er'  meeting  yesterday  with  its  fman- 
wick’s  existing  boxed  toys  ousj-  ^ advisers,  merchant  bankers 
ness.  Kleinwort  Benson,  on  the  subject 

New  management  hasameaoy  ^ the  counter  to  its  bid  for 
been  installed  in  Har burrs  loss-  artists’  materials  group  Winsor 
making  Canadian  subsidiary,  and  and  Newton  the  previous  day 
this  is  expected  to  return  to  pro-  frnm  Reckitt  and  Colman. 
Stability  in  the  .near,  future.  . j(o  major  decision  came  out  pf 
. Harbtrtt's  traditional  plasticine  nwtiirg.  though  spokesman 
business  (started  in  1897 j made  a for  Klehrworts  did  say  that  they 
profit  last  year  of  over  £105,000,  vrere  “ keeping  a dose  watch  on 
against  £231,000  in  1974.  At  pre-  the  situation."  He  also  expressed 
sent  roughly  50  per  cent  of  this  the  view  that  the  agreed  bid  by 
business  is  throujjh  tbo  toy  inaus-  Reckitt,  - whch  owns  the  Reeves 
try,  20  per  cent,  to  overseas  paints  company,  could  represent 
markets  and  30  per  cent,  to  the  a Monopolies  situation, 
educational  authorities. 

* ip  51o/  LESSEE  & GODWIN 

News  that  Leslie  and  Godwin’s 
Ur  LtlMKAL  proposed  merger  negotiations 

PROVINCE  with  Wlgham  Poland  had  been 

Kawdanga  Holdings,  which  has  broken  .off  came  as  a relief  to 
a 22JI  per  cent-  stake  in  Central  the  stock  market  yesterday  and 
Province  Ceylon,  has  failed  in  its  the  shares  closed  Bp  higher  at 
attempt  to  prevent  the  take-over  IWP-  „ ^ 

of  that  company  by  Anglo-Indon-  Before  the  announcement  that 
esian  Plantation*  discussions  between  the  two  com- 

lt  was  announced  yesterday  pazues  were  being  held,  on  July  26, 
that  ATP  had  received  acceptan-  Leslie  and  Godwin’s  share  pnee 
ces  in  respect  of  1,582,636  CPC  was.  high  as  123p.  A factor 
Ordinary  shares  and  101,591  behind  the  fail  In  price  has  been 
Preference  shares,  representing  the  spiking  of  market  speculation 
5TL2  per  cent,  and  S7J3  per  cent,  tiiat  a bid  mig±Lt  be  m the  offing 
respectively.  The^  offers  have,  for  Leslie  and  Godwm.  _ 
therefore,  been  declared  iracon-  All  parties  agreed  last  - night 
ditional  that  the  negotiations  broke  for 

two  main  reasons.  In  the  first 
place  there  was  the  problem  of 
allocating  boardroom- responsibili- 
ties in  the  context  of  a roughly 


ODEON  (IRELAND) 

—IRISH  CINEMAS  

The  recommended  offers  on  be-  ^-0  ‘thirtU  spUt  in 

half  of  Odeon  Ireland  for  the  favour  of  Leslie  and  .Godwin,  in 
Preference  and  Ordinary  shares  tl,e  new  company, 
of  Irish  Cinemas 'have  been  ex-  Secondly,  there  were  a number 
tended  until  September  _ 6.  0f  technical  issues  consuming  a 
Acceptances  have  been  received  deal  of  time,  including  for 
in  respect  of  134^59  Ordmary  example  the  post  -merger  level  of 
shares  (58.6  per  cent,  of  the  shareholdings.  -Wlgham  Poland 
Ordinary  shares  the  subject  of  j,ag  nmjor  shareholders  in  the 
ttie  offer).  Prior  to  the  ottet  form  of  a w pgr  amt.  holding  by 
Odeon  already  owned  U37.236  Anglo-Continental  and  25  per 
Ordinary  shares— about  84  per  by  Thomson  Organisation, 

cent,  of  the  totalOndinaiy  capitiu.  Thomson's  stake  would  have 
v.AcCeKCC3  ° fallen  to  less  than  10  per  cent 

the  P^peference^^Tiave  been  ^ attempts  to  rectify  this,  with 

?LaM°  ^lo  ^ agreement  of  other  share- 
(o2^  per  cent.  of.  the  total).  holders,  failed  to  succeed. 

QV  * vie'  a ism  Mr.  Norman  Gant,  chairman  of 

3: Leslie  and  Godwin,  revealed  yes- 
EDGlNGTON  torday  that  his  company  would  be 

Black  and  Edglngton  has  agreed  producing  interim  figure,*:  for  the 
to  acquire  John  Edgingron  and  first  time.  He  believed  the  market 
Co.  for  an  initial  sum  of  £227,240  would  be  pleased  with  them  and 
and  a further  consideration  of  reaffirmed  his  confidence  in  Leslie 
£50,000,  payable  in  12  months’  and  Godwin’s  future  as  presently 
time.  An  additional  stun  not  constituted. 


BY  MARGARET, WSD  . 


United  Dominions  Trust,  the 
finance  house  which  has.  been- the 
largest  borrower  from.  -thCu  blg 
banks"  " lifeboat;"  - has  " made 
arrangements  -which  'witt-eut  -hx' 
interest  btH  by  more  than.  £Gbl 
a year,  partly  as  n result  ot  saris 
capital  reorganisation,'-!  it’  -waa 
revealed  yesterday.  '•  • 

At ' the'  same  time,  -iti-bacafe 
knmra'  - that . the  . group— wh^1 
incurred'  a much  reduced  neflose 
of  £2J>tm.:in  the  yedr  to.  June  30, 
1976,  compared  With  a net  Miepof 
£54Bm,  'ln  1974-75— had  redikeQ 
its  borrowings  from  the 
boat  ” by  about  a fifth,'.  Af  tba 
peak  last  year,  the  eompiui^, .had 
some  £450m.  on  loan  from- rthzs. 
source  under  the  arrangamenttbjy- 
which  the  large  banks  have1; been 
lending  to.  help  concerns  hit* in 
the  secondary  banking  crisis^  . 

Nearly  £3m...  a year  saQ-’w 
Saved  by  a lower  interest, jfiw 
on  UDTs  “ lifeboat^.  borrowfegB. 

Hitherto,'  ther  group  has  p*H 
interest  on',  this'  - money  at..i i. 
margin  of  1J  per  cenL  over  tolas; 
bank-rate.  Now,  from  July  1, 
this  will  be  reduced,  it  is  believed 
by  i per  cent  to  V-.per  cenL  Oyer 
Inter-bank  rate. ' ' - - V V 

■ Further  interest  -charges  yrffyht 
saved  through  " arroxsgementk 
made  by  IHTTs  two  iargest  abare- 
holdcrs,  Prudeutial ' Assurance «nd 
Eagle  Star  Insurance,  to  exchange 
a total  of  £2L26m.  o£  coam-^e 
loan  'stock  (after  paying.'  -pp 


fTirtlrer  provislima  'iii^b  past  year ' peels  lo  some  extent  des 
furtner  piw*w  .2L„Kf*it ' debts,  the  progress  of  the  natto 


gainst  bad  and  doubtful  debts,  the  progi^.ot  natio 
laSeed  therr  hasrheeh  b release  nomy  vve  !beh®,[f 


S nm  of  pr^sions  so-  lunger  strength  in  the  croup  1 f 
n'eSd'asBiMt  1«M  *°rg°P<s$ 

developments-  About  of  owVd  profits  to  - com  4 

the  previous  £15Gm-t^aIrf  lows,  'Beddflw  said.’ 

^o**dbn  and  JGdJamL  o 
paid  back,  3>aw.  uou^  wmea  „ . croup  predominant!? 
formed  part  cf  the  sector  having.  indue  d 

ber^JSSmo  profit  m®*”1  Pre-tax  profits  of  £ 

with  a £32. 4m.  loss  the.  priwlous. 
year,  but  tax  and  minority 
interests  tinned  this  into  a fiLDm. 
loss,  against  one  of  £33.7m.  Extra- 
ordinary items.  Including  an  in- 
creased : value  o£  overseas  assets  tti ^ - - 
in  sterling  terms  after  the  pound  s fcf  IT]  5%  O ir. 

foil,  brought- a credit  of  £2.1m^  - * axah.aj.vw. 
against  fa  £2l.Xm.  extraordinary  1 A 

debit  prevtousiy,:  maklne  .a  net  CUtS  IOSS 


1 / 


H 


Charterh 


loss  of  £2j8tp,  .'against  ouc  of 
£54.Sm-  There  will  be  no  ordinary  . Thc  chairman  -'at- <a 

dividend  and  ^preference- divi-  ti  a Wings, 

dent!  is  also  again  passed-  ■.  ..  --  Williams,  announces  > 

the  year ' ended  June 
Of  £48,682.  compared  witt 


another  £l0nu  of  sue*,  stock)  Bto 
a similar  total  of  convertible 
preference  stock  of  the  groOp. 
•Rie  Prudential  has  some  26f. per. 
cent,  and  Eagle  Star  10  per.  cent, 
of  the  Ordinary  shares.  . . - ? - 

The  of  this  reorgiudsAtipn 
will  involve  TOT  calling  up^iteam 
the  two  insurimee  company-.niVwr 
tors  in  cash  the  remaining,  flub, 
outstanding  on  the  £15m.  - 17-  per. 
cent  - convertible  ’unsecured  I0M1 
stock  1979-81.  The  Prudential 
and  Eagle  Star  . will  then-1  scrip-, 
scribe  in  cash  for  £2  2 2 6m.  of  10 
per  cent  fourth  convertible 
cumulative  preference  stock  1991 
(with  coni’ersion  tertos  similar -tp 

the  existing  lean  stocks).  At  the 
same  time.  UDT  wiU  buy  af  par 
for  cancellation  the  two  institu- 
tions’ £2 1.26m.  holding  of  the  16 
per  cent,  and  17  per  cent  con- 
vertible loan  .stocks. 

The  effect  of  this  will  be  to 
channel  £I0m.  of  further  efish-.ih- 
to  UDT.  The  group . will  save 
yearly  interest  of  some  £3. 6m,  on 
the  cancelled  Joan  stock;  Interest 
at  10  per  cent,  on  the  Preference 
stock  will  be  due  for  payment  out 
of  net  profits,  when  available, 
rather  than  chargeable  - to  tbs 
profit  and  loss  account  • ' 

- Mr.  Leonard  Mather,  the  Chair- 
man, said  yesterday  that  the  qew 
arrangements  would  mean  - “ a 
most  welcome  savings  hi -costs,  a 
very  good  improvement  in  "the 
capital  base  and  an  enhanced  pro- 
fit prospect.”  Stockholders’  ftirids 
and  Preference  capital  will  be  In- 
creased to  about  £37m. 

He  also  said  that  the  “ lifeboat " 
banks  had  confirmed  their  con- 
tinued support  The  shares  ended 
unchanged  at  20p,  after  being:  2p 
up  at  22p  at  one  stage.  - , . 

Unlike  some  other  concerns 
caught  In  the  secondary  banking 
crisis,  Uivr  has  had  to  make  no 


Pro-tax  profit 
UJK.  banMns.  etc.  Ion  t . 
UJv.  pros,  finance  .low 
O.K.  Industrial  loss 
Orersras  profit  .... — .... 

O.X.  ux  . 

Overseas  tax  ' 

Wet  loss  — . — 

Minorlrtes  - — . 

Exmord.  erwur.  

3Lom  nttritm  cable  - 

•Loss.  T Credit' 

‘ See  - Lex 


jtn. 

« 

■'■U- 

4.3 


. SL8 
- 1.3  ' 
■ 3.0 
J.1 
. Xfl 
-2.1  - 
es, 


-91.X 

54S 


Crouch 
turns  in 
£0.61m. 


W -alter  lax.  There  is  no;tt 
alt  this  time  against  £3,034 
year's  deficit  is  made 
43*  operating  expenses  and 
sj»  paid  by  the  company  Xt 
33.9  losses  of  Australian : sii 
aJ  £51,303  less  attributed 
ol  the  Alderman  arS 
pfifken  - subsidiaries 
during  the  year)  of  £74,4 
over  amounted  to  -r 
(£27^0).  " 

• The  profits  of  the  '. 
and  Whin  spar  ken  for  sl 
amounted  to  £80,562.  T1 . 
for  the  Australian  grou 
’full  provision  for  ally 
connection  - with . iiv 
finance  ‘ activities  - which.'  - 
bees-  totally  'discoDtinm  . 
im  dividend  ia  proposal 


year.-.  - 

The  chairman  says ■%’ 


THE  M.ATER1ALLV  higher  pre-.  T — --  ...  .. 
tax  profit  forecast -at  .halfway—  nre  now  advanced  for  j. 
when  a marginal-  increase  from  ing  to  production,  o^tn  ■ 
£241,300  to  £347.000  was  reported:  Held  in  North  Sea  Elat 

by  the'  directors  af  Crouch  which. .CharterhaU  nasi 

Group  turns  out  to  be  £607.-000  cent,  interest . through. 
Eor  the  year  to  March  Si.  1976.  per  cent  shareholding  f- 
compared  with  £412,000  Tor  the  North  "Sea  Ass6riates.  --J  ' 
previous  12  months.  - Three  wells  have  b- 

Eaminqs  per  25p.. share '.'rose  rdeted.  on - -Brock  21/.' 
from  3.76pi  to  6.45  p and  the  final  further  yrell  ia  now  beh 
dividend  fa  t.T873p"  net  for -"a'.1 The reservoir  -studies  - 
2.68125p  (2.4375P)  totaL  . filDned  by  the  Operati 

world  Petroleum  <UJ 

iS  ««  S 

: »«  si*  engineering  studies  0 


Turuowr  .' 

a n*up  profit  - J. 

Imtreit  '.  : 

Profit  bafan  ax 

U.K.  tu 

Overseas  tax 
Net  wofif 

iDterim  «Jh».  .... 

Final  dh. 

Waived  

* Credit. 


m - 

ur 

384 

-l 

m . 

'■St-: 

7t' 

SJ": 


«n  carried  ' oiit  to  delor 
most  efficient  - way  of". 
2S. the  discovery;  -f, 
iao  . On  the  basis  that  a V 
33  taken  in  tho  near  fptd 
Transworid  .Consartituq 
an  early  production  ^ 

’ ductimi  . should,  commrtf  ‘ 
the  latter  half  of  197&:  • 
Development  costs  oi 
..  . sorriwn  are  thought  til 
1 . in  the-reision  offilOOm;  . 

good  StSirt  m wntems  Says  th 

»UUU  1 fupdk  are  required  for 

Mr.  C M.  Beddow,  chairman  of ^filing  programme. 
London  and  Midland  ; industrials,  for  company,  to  nu 
told  shareholders'  at 1 the  - ehriual  present  >tntersflt  in  tin 
meeting  yesterday  that  operations  it.  is  now  iuoewary  to- 
in  the  new  year 'had  started  well -for  more  capital.  The 
and  profitably.  " ...  : will  enaure  that  holders 

-‘’.while  the  seasonal ; and.  .geo-' the -opportunity  of  retai  • 
graphical:  pattern-  of  .operation*' equity ^ partkdpatiou 
and  profits  'may  vary,  and  .pros-  announcement  wul  be  t 


LMI  off  to 
start 


. \. 


.;/>(/ 


Interim  Report  for  the  half-year  to  3rd 


: “ ■■-=> 


Interim  financial  statement  for  the  half-year  ended  3rd  July  1976 


full  year 

1975 
£ million 
369.26 

Sales  to  customers 

- 

1st  half 
1976 
£ million 
226.66 

1st  half 
1975  ' 

£ million  • 
173.40 

39.42 

4.71 

Trading  profit 

! merest  payable  less  other  income 

25.68 

1.83 

18.64 
2.59  ; . 

34.71 

0.71 

Operating  profit - 
Exchange  differences 

23.85 

2.85 

16.05 

1.32 

35.42 

16.60 

Profit  beforetax 

Tax  on  profit 

26.70 

11.19 

17.37 
7.69.  - 

18.82 

2.28 

Profit  aftertax 

Attributable  to  minority  interests 

15.51 

1.59 

9.68 

1.04 

16.54 

0.16 

Preference  dividends 

*13J92 

0.08 

8.64 

0.08 

16J38 

Earnings  attributable  to  ordinary  shareholders 

13.84 

8.56-/. 

(0.68) 

Extraordinary  items 

1.29 

0.16 

15.70 

Profit  available  for  distribution 

15.13 

8.72  : 

27.0p 

Earnings  per  share 

22JBp 

I4.ipr  ; 

| Sales  and  operating  profit  by  area 

Sales 

Operating  Profit  J 

1st  half 

197S 

£m 

1st  half 
1975 
£m  • 

1st  half 

1976 

£m 

1st  half- 
1975  > 
£m 

United  Kingdom 

52.65 

44.28 

3-32 

2l56  . 

Europe  (excluding  UK) 

35.68 

2723 

a3i 

1.93 

| North  America 

. 54.38 

37.09 

4.59 

2.52 

| Australasia  and  Asia 

45.76 

34.15 

6.03 

4.79 

| Africa 

19.73 

17-28 

asi 

3.58 

1 Latin  America 

18.46 

1337 

3J25  : 

1.25 

| Corporate  interest  and  expenses 

— 

— 

(048) 

(0£8) 

1 

226.66 

17340 

23.85 

16;05 

STATEMENT  BYTHE  CHAIRMAN-MrA  M Mason 
RESULTS 

I am  pleased  to  report  that  the  Group  increased  its  sales  by 
30.7%  and  operating  profit  by  48.6%.  Earnings  increased 
by  61 .7%.  However,  these  increases  need  to  be  seen  in  the 
tight  of  tbs  substantia]  fafl  in  value  of  sterling  againstotber 
currencies,  andthe  continuation  of  inflation  in  the  United  . 
Kingdom  at  a damaging,  albeit  lower,  rate.  In  the  UK  . the 
deterioration  of  thepound  due  to  inflation  during  the  first 
half  of  1 976,  compared  with  the  same  period  of  1 975,  was 
1 9%.  Worldwide,  in  those  areas  where  the  Group  • , 

operates,  in  eluding  the  UK,  taking  into  a ocountboth' 
exchange  rate  movemerrtsand  inflation,  the  comparable  - 
figure  translated  into  sterling  was  about  24%,  after r ^ 
weighting  for  size  of  operations. This  rate  of  24%  has.to-ba 
measured  againstthe  Group's  sales  increase  of  30.7% and 
operating  profit  improvement  of  48.6%.  Eammgs  in  the  first 
half  of  1 976  benefited  additionally  by  £2.85  million  from 
exchange  differences  arising  on  net  assets  overseas.  This 
favourable  difference  was  consistent  with  our  experience 
in  1 975,  when  the  first  half-year  benefit  was  £1 .32  milfiori. 
it  will,  however,  be  noted  that  in  the  second  half  of  1 975 
the  difference  was  unfavourable  reducing  the  figure  for 
1975  as  a whole  to  £0.71  milhon.lt  rs  impossible  to  . . 
forecast  how  the  second  half  of  1 976  will  affect  the  .c 
year-end  position..  ...  ... 

Operating  profit  attributable  to  the  Group's  activities  - 
overseas  accounted  for  86%  ofthe  total,  before  deducting 
corporate  interest  arid  expenses,  and  a table  of  sales  and 
operating  profit  by  area  is  set  out  below. 

Successful  cash  flow  management  resulted  in  a 
' significant  reduction  in  boriowfngs  In  1 975  and  this 
Improved  position  has  been  maintained  in  1 976.  As  a . 
result  interest  paid  at  £1.83  million  decreased  by  £0.76 
million,  compared  with  the  first  half  of 1 975.- 
, TRADING  PERFORMANCE 
VVrthm  the  United  Kingdom,  sales  increased  by  1 8.9%  and 
operating  profit  by  29.7%,aridwhilecreditisdueto our 
businesses  in  this  country  for  that  level  of  improvement  it 
should  be  remembered  that  in  the  first  half  of  1 975  trading 
performance  was  essentialiy  modest  The  profit  figure  is 
still  below  the  established  reference  level  for  price  control 
purposes  and,  after  allowing  for  inflation,  on  an  indexed 
basis  well  below  that  of 1 973.There  is  now  a welcome 
reduction  in  the  UK  inflation  rate  butthere  is  still  a long  way 
to  goto  match  the  much  lower  rates  of  other  major  industrial  ‘ 
countries.  Colman  Foods  continued  the  significant 
progress  made  last  year  and  the  performance  of  Household 
and  Toiietries  Division  was  greatly  improved. 

Investment  continued  In  the  Pharmaceutical  Division,  • 
with  operating  profit  well  ahead  of  1 975.  Export  sales, 
both  to'customers  and  to  our  overseas  subsidiaries,  at 
£1 2.01  million,  showedari  increase  of  27.5%.  Operating 
profit  on  these  sales  increased  by 40.0%.  ' 

In  Continental  Europe,  France  performed  very  strongly  in 
spite  of  severe  price  control,  fn  Belgium,  Holland  and 
' Spain  our  businesses  made  good  progress.  Furthermore, 


the  healthy  performance  during  1 975 of  bur 


firsthaffafipye. 

In  North  America,  The  RT  French  Company  produced 
greatlyirnproved  results  by  comparison  With  its  ■ - r 
perfoimanceTn  thefirst  half  of-t 975,  when  the  US  econqw  " 

was  inrecesston'.  ThisirripFOve'rnentinour  performanceVr-; 
there,  which  started  in  the  second  half  of 1.975,  has  ^ . 

encouraged  us  to  raise  expenditure  on  development  T-i ; 

programmes.:  - 

In  Latin  America,  while  mdstdf  bur  companies  ■ . _ = . , . 

contributed  to  the  very  substantial  improvement  in  - J* • 

finerrfiivi  nrnfrf  enpria)  mnntinn  miicl'.hn  maHa nf  ni  ir 1 


..7: 


business  in  Brazil,  where,  despite  continued  high 
inflation,  margins  hayebbdn  restored  and  the  resulting  i 

cash. flow gfiEWtiy strengthened. Asa  resultiriterest  _ _-=::  ,'r- 

payments  have  decreased  and  earnings  have  ’ . . 

improved rharfcedly.  ‘ ' ■-  , 

In  the  countries  malting  up  bur  African  business,  progress  V- 
wasmodest  mainly  due fo.  continuingprablemsin  nearly ,4 
all  (^u'ritries  including  South  Afnra.  U>cal  rnanufactui^ 
in  the  important  market  qf  Nigeria  was  expanded  as  were 
ourexports  to  that  market.  •.  -- 

1 n Australasia  and  Asia,  where  the  G roup's  largest  single- 


entity  is  Recltitr_& C^lman  Au^alia,  performance  was  v . ()J|  ^ 


strong  in  comparison  with  the  firsthalf  of 1 975.  Reckitt  Si  \ 

Cgbrian  Ausnaiia  has  a Irrapy  published its  interim  results  .... ... 

and,in  anuncertaintrading  envjronmentforthe^ar,rt  A\. 
was  nonstiieJeiss  able  to  point  tathe  achievement  of  signil'  %UST  • 
cantprogress  in  themajority  of  its  operating  divisidlns.^ . 1 

Although  tbe  resuhs  for  the  firstftalf  ofl 976 are 
encouraging;  any ^prediction  of  thebutcorne  ofthe  year  as^  J1*' mOH  ^ 
a wholeis  likelytobeinexactintheface  offtuptijationsinj^  WlSf  II  ai 
theValae  of  sterTmg.  Ido  not  therefore  proposeto  make  - : % 
anyforecasL  ..  • • ...  -r?.:  •!'  UlSr 

Earlier  this  weeic.  Wo  anhotiriced  ouimtention  of  making  ^ ' 

an  offer forthei^edprdmsiycapftafofVVInsor  & Newtoqj 
Limbed,  the  well-known  arid  Tong,  established  artists'  ^ "A 


NA| 


materials  company,  ff,  as  I very  much-hope,  that  company^  H|«trv 
beogmes  part  ofthe  Reckitt  & ColmanGroup,  ftwill  -r  t HQ  j 


strengthen  and  expand;  particulariy  overseas,  our 

activities  in  ife  productfield. 

dividends  - 

The  Board  hasfoday  declared  an  interimdhrideridforl  975^  AD 

of0m&  pence  perordinaiy  share  which,  together  wi^ 
therefatsd  takersdit  makes  atotal  interimdividend  of 


P,TAU 


7th  January  1977  andvvKJabsorb  £2.53  milHon.  The 
Board  also  resolved  that  the  ha  If -yearly  dividendon  the  tlA*. 

curiiu  latiyd  preference  shsresdue  on  1st  Ja  nuary  T977^  -y;  5 ^ *"il 

^ vii 


•Ti 


29tbNbvember  T976.  ■ 


•V  l':--- 


< 


0 ' 


Iin 


C.  P.  SNOW 


F,  fullest,  sense r fightingfor  the 

XePubUc  iB'Spato.  in  IheBesm- 
1 5 *»«  to  Franc*  and  finally  work- 

^ ^ ing  -a-  senior  minister,  for  de 

pi»t  P386*  ^ ' Canile.  And  yet,  he  has  never 

MalnZ* W 


mi  »i» 


• iwTf 'hT  hadn’t  ie  had  not  been  a^iandst, 

-f^more  thanone  can  say  311(1  0s  aIle2i.ance  T°  ^Sr11# 

- ; . wt  men.  He  is  the  greatest  a*S^h?ESSSS  °d^fon 
...  inporary.- emblem  of  the  bnt  ? straightforward  deyelop- 

romantic  life,  and  in  his  ”f 

- SS'Svttt "B 

,’:  ibsorbS  by  toe  m^ much  “mPlw  «“»  11  aeems' 

cal  shadow  of  death,  and  he  In  the  collection,  there,  isn't 
■ . one  into  action  to  defy  its  much  real  criticism  of  his  novels. 

. ' -dity— in  the  sense  of  the  As  a twentieth  century  romantic 
. mtialists,  of  whom  he  was  a hero,  his  legend  isi  likely  to  per- 
■ inner.  He  is  one  of  the  slst,  but  his  reputation  began  as 
~ : eloquent  of  men,  and  has  a novelist-inaction,  and  some  of 
■"■I  phrases'  tD  his  own  hrn-  it  willdepend  on  how  long  the 
which  have  passed-  into  novels  last.  John  Lehmann  gives 
; s.  - If  tbere  were  a world  a cautious  and  considered  appre- 
1,  something  like  a Nobel'  elation,  and  .finally  gambles  on 
• for  general excellences,  he  the  survival  of  only  one,  La 
I*-.!  be  the  leading  candidate.  - Condition  Humame.  That*  was  a 
... ' « of  that  is  overstating  the  Product  of.  the  romantic  revolu- 
; and  is  by  now  pretty  well  ti on aiy  spirit  of  the  early  thirties. 

. ~ '•  intrbversial.  This  book  is  a H has  splendid  scenes  of  action, 
tion  of  essays,  which  in  his  non®  of  us  can  now. read  it 
.'contribution,  at  the  end,  it  . was  read  in  its  own  period, 
ed  Anti-critique,  he  likes  to  ^°r  myself,  I find  his  revolu- 
. -Colloquies,  and  which,  are  tlonarles  have  become  linear 

-',ied  to  give  some  insight  into  fifim-es.  Perver^ly  Turgenev's 

he  is  ai]d  what  he  has  done.  Insarov,  in  On  the  Ews.  is  more  Malnux  on  his  return  from  the 

- are  only  partially  success-  actual  than  any  of  them, 
ome  are  nothing  more  than  ilthough  Turgenev  was  A very 

' btes,  though  C.  L.  Sulz-  timid  man  who  had  never  seen  men  who  have  not  been  confident 
‘ r*s  anecdotes  tell  more  than  any  "revolutionary  action  in  his  <«  tbe  primary ^achievement  they 

• ofthesoleran  treatments,  life-  "ou“  ha™,  wished  for. 

al  are  exercises  in  inflated  It  has  to  be  remembered  that  ^0^ 

ric.  Malraux  himself  is  a Malraux  is  romantic  down  to  the  HuriJ?  cfovere^rhan 

nr  of  rhetoric,  -which  some- soles  of  Ms  feet  Hi*  Bterar, 

works  and  sometimes  idols  are  romantic  too.  Baud*-  ^nJ^nSrinn  thS  tbetr  crea 

• « one  wonder  whether  it  laire.  Rimbaud-that  doesn-t  jar.  [f " * orS^f  Stter  than  hfs 
. -■  s merely  as  a dialing  dis-  they  were  great  poets.. But  T.  E.  {***  TMn^ttatfSnwwfaire  fail 

- ...  concealing  either  an  Lawrence?  At  times  he  identified  ®J{“*  to  ftnT  fulfi  lment 

. wous  teesning  «■  no  meeo-  toself  with^oceeiMeodo 

• it  alu  He  is  not  only  a many  of  the  nomBnglish  con-  . t r . n-mPn 

. ?r  of  rhetoric,  but.  a cause  tributors  in  this  volume.-.: Well.  £™  Jour^L  Robfl 

letoricin  others.  Some  of  Lawrence  . was  as  heroie  » JSSatively  wU  eouliSd 
-contributors  have  become  Malraux,  as  intelligent, -and  as  7en  rtJvKri' 

*■  °t'sed  by  this  technique,  and  strong  willed.  Like  MalraiDL  his  ”a^h?55Sste \So 

'■‘SfiS?1*  WWCh  “*  Mt  deS?ny,  dTe  SdySStl 

• • endured-  : . , . „ „ w®ro  %7*J2S2?^  he  out  a major  discovery  of  his  own 

more  sober  pieces  do  tell  led  his  country  s Middle  Eastern  ^at  was  Ms  wound  much 

methiug.  Malraux  has  spent  policy  into  foolish  choices.  But  dWiper  then  any  trouble  with 
of  his  obsessive  intelligence  Malraux.  whatever  qualifications  Govermncnri.  It  seems 

energy  in  a love  affair  with  are  made,  is  a fine  writer  and  to  me  toat  Malraux.  though 
-I  art.  Hence 'Lo  Votx  du  Lawroncewasn  t He  would  have  mythopock.  as  norie  of  those 
-e.  his  great  rhapsody  on  not  given  anything  in  the  world  to  be  three  was,  himself  the  embodi- 

• all.  but  a large  slice  of  the  one.  but  the  strain  shows  ment  of  a ]egefld>  in  part  of  his 
1 expression  of  the  entire  throu^.  To  most  present  day  spirit  has  something  in  common 

Ernest  Gombncn  treats  English  . .sensibilities.  ••  Seven  M^th  them 

St  TSftjf  1°  bis  ambiguous  manner,  on 

--  ^ f thJrd  ^ surface  impersonal,  under- 

- but  Gomhrich  judges  that,  rhetoric  is  often  so  stndent  that  nMtj,  shrwinc  the  «ipn«;  of  cnn. 

— ^ T XZk,  °n'  tKh-  •'■‘•‘Wb.M.tt- . h”i 

' ?® Jlr . .If.  forgetting  • ahont the -ecttre?  reveals  .-a  little  'if  this  in  the 
s^^toncai  msignr;  life  for  a moment,  I were  looking,  essay  Anti-critique  which  is  the 

wih  the  same  doubt  emerges  for  parallels  with  Malraux  as.  tail-piece  of  this  collection.  Tt 
Mane*  Sperber's  piece  on  tbinkewjmn-artist  I should  look  is  in  form  a rumination  about 
iux  and  politics.  Malraux:  is,  elsewhere.  His  search  for  tran-  art.  Like  the  ruminations  of 
•11  of  us,  a child  of  his  time,  scendence.  which  has  continued  many  writers  about  art,  it  is  in 
as  lived  all  bis  life  in  active  since  he  was  very  young,  reminds  essence  a justification  of  his  own, 
with  politics — active  ip  the  me  of  other  briHiantiy  gifted  and  a hope  that  some  day  his 


Milner’s  Mission 


BY  GEORGE  MALCOLM  THOMPSON 


unnoticed  by  those  who  held  it. 
Milner,  Apostle  of  Empire,  by  Let  us  be  dear,  too.  Here  was 
John  Marlowe.  Hamish  no  doctrine  of  a fixed  hierarchy 

Hamilton.  £9.50. 394  pages  ?r  Ja“-  Mltaer-  ***  Rhodes 
v B (and  Kipling,  poet  of  the  move- 

ment>  believed  in  equality  of 

The  British  Empire  was  — or  rights  for  all  civilised  men.  It 
seemed  to  be — an  Empire  with-  was  the  sacred  task  of  the  more 
out  an  imperialism  and  Alfred  fortunate  race  (that  is,  the 
Milner,  born  1854  in  Hesse-  British)  to  bring  the  backward 
Darmstadt,  partly  German  in  brothers  to  the  point  where  they 
blood  and  education,  was  just  could  claim  their  rights  as 
the  man  to  supply  the  missing  equals.  It  js  not,  surely,  a 
element.  He  was  infected  by  the  contemptible  ideal, 
confident  imperialism  of  the  A^gr  point.  Milner  was  a 
on<imaaiL»n  ®rewHn£Ti  social  reformer  and  a collec- 

SoriaIism°  **  »£LJLatl0?£j  tivist  who  might  reasonably  be 


®S5K£-  described,  had  not  distorting 
brought  both  over  to  Britain  with  ^^^03  intervened,  as  I 

wm’  National  Socialist.  He  and  his 

At  the  end  of  his  life,  he  wrote  fellow-thinkers  were  nearer  to 
the  “ Key  to  my  Position " in  Labour  Party  than  to  the 


: which  he  said. 

“I  am  a Nationalist  and  not 
a Cosmopolitan.  A Nationalist 


Asquith  Liberals  or  to  most 
Conservatives. 


a Cosmopolitan.  A Nationalist  * confessed,  however,  that 
believes  that  the  competition  his  brand— or  any  other  brand— 
between  nations  is  the  Divine  of  Imperialism  never  caught  on 
order  of  the  world,  the  law  of  ™ Britain.  Why?  Because  the 
Life  and  Progress.  ...  If  Imperialists  were  an  elite, 

I am  also  an  Imperialist,  it  is  conscious  of  their  dub*  to  lead, 
because  tin?  destiny  of  the  modestly  aware  that  they  saw 
English  race  has  been  to  strike  further  and  more  clearly  than 
Fresh  roots  in  distant  parts  of  others:  patronising:  disdaining  Alfred  Milner 

the  world.  My  patriotiJra  11,6  popularity  which  in  any  case 

knows  no  geographical  but  they  could  not  achieve.  The  in- 

only  racial  limits.”  w<,r^ers  V^er?vt!1®  ??  the  hostility  of,  at  least  half  nf  instinctive  gambler  but  of  a man 

Here  wa-  cipar  indeed  tk  “e,r  pJSLiSr  Elfuid  the  Liberal  Opposition.  He  is  the  so  convinced  of  the  rightness  of 

SfJnt  chief  architect  of  the  South  his  cause  that  he  plunges  on. 


Malraux  on  his  return  from  the  Alsace-Lorraine  campaign  in  1945 


books  wi-U  be  sensibly  read.  He 
says  a good  many  things  that 
are  fairly  commonplace,  such  as 
that  critical  estimates  vary 
wildly  from  period  to  period 
according  to  the  climate  of  their, 
time.  He  wants  a time  when  art 
will  be  sustaining  human  beings 
with  the  strength  of  a religion. 
In  the  sub-text,  the  hope  is  that 
then  his  life-work  will  be  unde» 
stood. 

Thongb  Anti-critique  is  a frag-i 
men  ted  piece,  it  is  one  of  the 
most  sympathetic  things  that 
Malraux  has  written.  It  is  in- 
teresting to  compare  it  with 
Centre  Sainte-Beuvc.  In  which 
Proust  was  justifying  his  own 
art.  The  difference  is  that 
Proust  was  entirely  confident 
that  his  art  was  nonpareil. 

One  minor  point.  Malraux, 
very  well  Informed  about  the 
graphic  arts,  doesn't  seem  to  be 
so  about  literary  history.  For 
instance,  he  says  that  we  know 
little  about  Dostoevsky  as  a man, 
or  what  he-  thought  about  his 
own  books.  On  the  contrary-  We  j 
know  as  much  about  Dostoevsky , 
as  about  any  . writer  who  eyer 
lived — including  the  physical 
details  of  his  bizarrely  happy 
marriage,  since  Dostoevsky'  was 
not  notably  tight-lipped.  We  1 
know  much  more  about  him  than  ! 
interested  Anglo-Saxons  at  pre-i 
sent  know  about  Malraux. 


alter  a oriniaut  career  m become!  * 

1 Britain's  service  in  Egypt  was  , , , 

sent  out  by  Joe  Chamberlain  It  is  easy  enough  to  make 
to  be  High  Commissioner  of  fun  *f  the  Lost  Cause  of  the 

South  Afru-s.  Reading  it  now.  Imperialists.  Maybe  it  was  ~m-TT7"  T 7 TT  7 7 

half  a century  later,  it  is  hard  bound  to  be  lost  since  it  ran  lyfl/  /-/ m gjr/j  / |/fi/  7 7T/% /g/Dtl/* 

for  us  to  understand  that  what  ^ murii  against  the  pragmatic,  yy  LllllXfZi  VV  LliltA&f 

Milner  stated  in  his  Credo  was,  libertarian  strain  in  the  British 

in  fart,  the  faith  of  men  of  high  character  — although  not  more 

idealism,  and  fine  intellect,  men  50  1Jian  Socialism  does.  It  re- 

who  believed  that  their  thinking  one  of  the  interesting  BY  BRIAN  AGER 

was  commensurate  with  the  des-  might-bavu-beens  in  political 

tiny  of  their  people.  In  the  evolution.  The  ferment  of  the imprest,  it  ha*  not  hepn  a greater 

interval,  the  trend  of  events  and  idea  can  conveniently  be  studied  xtie  Wankcl  Engine  by  Nicholas  rammereial  success 

of  thought  has  gone  against  ■»,  career  of  a great  ad-  F i fa  c * Aljen  com meici at  success 

them  roimstrator  like  Milner,  who  was  ■A,jen  As  Nicholas  Faith  says 

' also  one  of  the  most  conscious.  Unwin,  £6.95.  -33  pages  „had  ^ rotan..  eQsine  bcen 

For  tnstance.  and  above  all.  articulate  and  consistent  of  its  — " “ developed  70  years  before  the 

there  is  the  question  of  Rate,  prophets.  A title  such  as  The  Wonkel  pjston^ine  we  now  use!  and 

“If  the  swarms  constantly  being  Mari  owe  tells  the  Milner  En^ine  promises  little.  A tech-  nol  70  years  after,  anyone  sell- 

Srt  to  the  Stote  th^Se^  stoi^^crisply^sting  Hrile  time  »I«I  treatise  perhaps?  Or  the  iug  the  idea  of’  the  heavy, 
ISpSaWv  weakened  We  cai-  on  the  mans  elusive  and,  one  publicity  effort : of  its  maken |7  nois^ 

not  afford  to  part  with  so  much  would  guess,  unhappy  person-  But  this  book  is  neither.  It  is  ,han  Lhai  reautied  bv 

of  our  best  Wood.”  Here  is  a ^ a °f  pe0p,e'  for  Dr‘  Fe,ix  ^“retao^vSdTave  he^ 

fashionable31  ^iSdeed^  Vefy  ceni^  episode  ?s.‘ of  co^c.toe  Wankei  s revolutionary  fno  pun  laughed  out  of  court.” 
renutable  Blooi  T^e  idea  th-t  South  Africaa  HiSh  Commis-  intended)  engine  attracted  the  Wankel’s  own  estimate  of  his 
one  kind  of  Wood  mi eht  be  sionership.  At  the  Cape.  Milner  interest  of  many  larger-than-life  achievement  is  interesting.  He 
superior  ‘o  another  and.  there-  ran  UP  against  something  as  characters.  Wheeler  - dealers,  sees  himself  as  the  third  in  line 
fore  should  be  specially  safe-  obdurate  as  Ms  own  sense  of  bankers.  entrepreneurs  and  of  great  Gentian  engineers  w-ho 
guarded  is  to  us  detestable.  Yet  m,SSI”1?:  Afrikaner  aourucss,  middlemen  flit  across  its  pages — ha\e  given  the  world  the  fun  da- 
ft 4*  iK*  nr  embodied  in  Kruger.  The  result  ...... mentals  of  modern  automotive 


interest  it  has  not  been  a greater 


As  Nicholas  Faith  says 

“had  the  rotary  engine  bcen 
developed  ?u  years  before  the 
piston  engine  we  now  use,  and 
not  70  years  after,  anyone  sell- 
ing the  idea  of  the  heavy, 
noisy,  complex  . reciprocating 
engine,  using  fuel  far  more 
refined  than  that  required  by 
the  rotary,  would  have  been 
laughed  out  of  court." 
Wankel's  own  estimate  of  his 
achievement  is  interesting.  He 


he  Laird  at  last 


e>m  _ j __  uvxvi  c uoi  pan  v;  r.uuujpu  wiwli  vi 

™ v Sf  put  here,  it  leaves  the  Wankel  saga.  Tiny  Rowland  sion-ignition  engine  are  the 

“The  more  of  the  world  we  reader  with  no  dount  that  Milner  fMtur«  the  ea„  others.  His  critics  say  he  has 

inherit”  said  Rhodes,  “the  could  have  avoided  war  — but  . s“  done  little  to  make  his  invention 

better  it  is  for  the  human  race.”  was  determined  to  bring  it  . r or  this  k mainly  a story  of  a pi-actliral  proposition — but  he 
A simple  creed,  the  sublime  about,  in  spite  of  the  qualms  of  now  ;hurnan_and  big  business  j,as  «one  pn  to  design  a diesel 
arrogance  of  which  was  quite  his  government  in  London,  and  factors  asm  a major  invention.  Ve-rsion  nf  his  engine  and  also  a 

And  a major  invention  attracts  supercharger  to  cure  the  petrol 
people  with  imagination  and  VPJ.sjoD-s  lhirst  And  this  may 
flair  and  companies  wntn  the  cash  prove  to  !»e  one  of  the  most 
?nd  know-how  to  market  the  imp0rtant  developments.  The  oil 

He  fore  the  Revolution  ^ u.mg  sin’SJ&ns, 

i i/i  t-w  XVL-  r *•  V *•  • v about  the  rotary  engine  is  that,  reason  the  motor  industry  is  not 

with  all  the  business  brain  and  proving  easy  to  convert  to  the 
muscle  which  has  shown  an  Wankel  engine's  virtues. 


BY  ISOBEL  MURRAY 


BY  DAVID  LASCELLES 


art  of  Thy  i-^irdc  Tbe  Last  of  the  Lontis  is  a greater  contrast  to  Galt’s  robust 

* and  Opinions  of  Malachi  ***  novel-  witty;  weU^tructured,  tale  than  Pascal  Laind’s  Web  of 
Ifnpg  vsa  0f  Auldbietdncs  aI,d  narrated  with  immense  skilL  Lace,  a novella  wbucb  won  the 
iGalt  edited  bv  Ian  A.  Tbe  narrator  is  master  of  Scots  Prixs  de  Goncourt  and  sold  more 
ilnn  qmttish  Ac’arinmip  English,  a bit  of  a dilettante, . than  200,000  copies  in  France.  It 

13JW  170  nsBes  a fluoter  from  all  over,  and  very  is  short  and  very  simple,  and 
P — — , -r  superior  to  his  uneducated  old  .George  Crowther's  excellent 
ofj  k ^ friend,  Malachi  Mailings,  the  translation  keeps  some  of  the 

slated  by  Grorge  Crowther.  poverty-stricken  Laird.  The  un-  flavour,  word  order  and  idioms 

ard,  £2.25,  92  pages holy  alliance  he  formB  with  the  of  the  original.  We  are  given 

High  Tide  Talker  and  .deadly  widow,  Mrs.  Soorocks,  to  more  than  one  view  of  the 
r Stories.  Elspeth  Davie,  amend  the  Laird’s  finances  by  heroine,  Pomme.  a simple 
jfsh  Hamilton,  £3.75,  215  uniting  him  in  rnatrimony  with  peasant  girl  whose  most  notice- 
’s the  elder  of  two  ageing  spinsters  able  characteristic  is  her  com- 

-n'  iissrrr’  forinB- the  basis  of  the  plot.  plete  wholeness  of  being. 

Doomsday  UWrng  Not  only  Laird  and  nairator,  . One  view  is  given  by  her 
■Jimlmn  Sso  but  ' surprising  spinster  student  lover.  Aimery.  who  has 

. sicoison,  ci^o,  oa  pages  sisters.  shoosie  and  Miss  i0Bt  the  urge  to  possess  her 

••  — Glrzie,  have  abundant  reality,  before  he  even  begins  a relatioo- 

■ndred  and  fifty  years  ago  and  the  Laird's  main  oppressor, . ship  which  becomes  her  life.  His 
ouce  Edinburgh  pub-  the  wealthy  Nabob;  Mr.  Rupees/  vjew  j5  hopelessly  hindered  by 
• . Blackwood,  winced  and  newly  returned  from  making  a arid  in  telle  dualism  and  selfista- 
at  the  .thought  of  pre-  vast  fortune  to  India,  has  a ness;  he  never  begins  to  under- 
. John  Galt’s  last  novel  to  language  and  a vitality  air  his  stand  Pomme,  nor  his  anger  and 
ice  Scottish,  middle-class  own.  Behind  this  Galt  sketches  in  irritation  with  her.  The  narrator 
Unawares,  Galt' departed  a canvas  of  minor  figures  with  has  a more  complex  voice,  slangy 
vnada,  giving  a trusted  delightfully  appropriate  names—  and  precise;  he  gives  one 
.-'full,  authority  to.  make  the -maid-servant;  Jenny  Clatter-. account  and  frequently  steps  Pascal  Latne 

.ecessary  changes.  Un-:  pans,  the  bookseller,  Johnny  hack  to  give  another  from  a 

• tely.  the  __  trusted  Dr. . Sellblethers,  the  lawyer,  Caption,  different  viewpoint.  He  con-  f which  turns  out  to  be  yards 

-.  'as  hand  in  glove  With  the  surveyor*  Angle,  and  so  oil  stantly  reminds  us  that  we  are  ^_d  var{js  lona  and  folds  into  a 

: rod,  and  the  emasculated  The  action  is  delicately  balanced  reading  fiction,  and  that  “paper  hune^jiliow-shaDed  parcel  or  the 

that  was  published  and  the  - denouement  marvel-. -can't  hold”  characters  as  solid  fm  K mraa? 

' * 8«ft  deal  of  the  relish  lousiy  surprising:  this  novel  baa  as  Pomme  and  her  mother.  =^E  newsDat)er  has  to  be  dorain- 

1 xfe  ^ ^ - -Krai,  .^asr  ££ 

U?!' H.rtS  wV./auSc 

TmroRV  Ton  ay!  ss  s?  i 

IS  1 V«- 1 l.UJJA  I § teoS 

b,  f#  AW  Ho*.  8 

■;  The  AUGUST  issue  includes:  M2 

, ■ n £ ■•ktMMmf  olosa  meditation  on  the  process  taming,  book. 

lUYAL  P/  rRlMuNY  ; ' " 2 Of  fiction-making.  In  the  past  couple  of  years  I 


Tbe  Shadow  ot  0.  Winter  Pai  ^/ed  « lXG2%  A « U.K.  ECONOMIC  INDICATORS 

ace  by  Edward  Crankshaw.  a SClfa  surrounded  by  French 

Macmillan,  £5.95.  438  pages  novels.  1?<0  ^ 19<s 

’WS'lSM:  i™CrED^*toUto™n“»!perW  Gonend  Joly  Juoo  May  July  Jude 

enfeid  Vnd  Nico  son  £5  00  Soviet  Russia  : security  Unemployment  COOOsI  L«3 A U32.6  W7L*  1.087.8  860.8 

*"4  WIC0  0Q'  methods,  dependence  on  foreign  Unfilled  vacancies  I’OOOs) 129.1  127.0  124.4  145g  162.1 

technology  and  finance  (the  Currency  reserves  iSbn.)  5.370  5-31.2  5.423  6.259  6.196 

There  are  so  many  books  Americans  supervised  construe-  Basic  materials  (1970  = 100)  ...  301 .2  299.6  292.0  233^  227.7 

aboit  pr  “evolutional  Russia!  tion  nf  Russia's  first  railways),  Manfrd.  prods.  (1970=100)  ...  219  8 217.0  214  8 191.7  1S9.0 

why  more?_Thc  answer  seems  to  the  view  that  “to  think  for  one-  Bank  Advices  (fibn.ib  .^..^..  15jai3  11.MG  14J03  14|5»  1jM6 

he  that  neonle  cannot  read  en-  self  is  subversive.  Wage  Rates  (July  19i-— 1001  2Ia.9  21431  209-4  leo.o  1SJ.4 

h^sto?fc  And  this  extra ordinarj',  and  ^ail  Prices  (Jan.  1974=100,  156.3  156.0  155^  ISM  137.1 

process  behind  the  revolution,  prophetic.  quotation  from  June  May  Apr.  June  May 

or.  at  another  level,  the  glitter  Alexander  II:  “The  English  Terms  of  Trade  (1970=100)  ...  79.9  79.6  80.2  81.4  gfl.l 

and  tragedy  of  the  Romanovs.  aiways  reraemher  that  countries  Retail  Sales  val.  11970=100)  194.2  192.1  195.3  172.1  165.9 

For  those  interested  in  the  taken  under  the  protection  of  h.P.  Debt  (£m.)^  2.363  2JJ56  2^20  2^66  2^84 

historic  process.  Edward  Crank-  Russia  have  all  ended  by  losing  industrial  Output  (1970  = 100)  100.9  103.4  102.1  99.5  99.1 

shaw,  the  historian  and  former  their  independence.  . - . 

Soviet  affairs  commentator  of  Examples  from  the  past,  there-  ig-6  19p.5 

the  Observer,  offers  his  version  fpre,  reflect  on  the  present,  and 

of  events  in  a meaty  work  where  the  noble  motives  of  our  policy  ^ 

analysis  is  mixed  with  a strong  to-day  are  denied  because  m-it*  an(f  inn  t'..*;  ' t,,!  t.,1  ' 

dash  of  human  characterisation  meraories  of  distant  events  are  a"d  r™**  f1 

and  well  coloured  events.  5tjll  alive  in  the  minds  of  foreign  Imports  f.o.b.  (£on.)  —481  2.403  ^.19a  1-326  l.ib3 

Crankshaw- believes  the  revolu-  governments,  alarmed  by  and  '/fi-’n'i  n?»I  n?S  nlis  nis?  Hj? 

tion  to  have  been  inevitable,  envious  of  our  might."  £ isible  Trace  0-5-4  0-364  0.285  0.3S3  0-44 

Towards  the  end.  he  writes:  -ry.^  urtle  about  nascent  S ffl' J!?ekIy  averai,e  ( 000  e 


July  .June  May  July 
1,463-4  1^32.6  1^7L8  1.087.8 
129.1  127.0  124.4  145J 


oured  events.  still  alive  in  the  minds  of  foreign  tinports  f.o.b.  (£hn  > 2.481 

r believes  the  revolu-  governments,  alarmed  by  and  r '/fi-'n'i 

re  been  inevitable,  envious  of  our  might."  J ,su!?,e  OJj-4 

a end.  he  writes:  is  Unle  about  nascent  STnneJa  Wy  aVm  °°°  m:.i 


“By  maar-it  has  been  held  that  Miireism>  which  js  just  as  wen 
Imperial  Russia  would  have  sur-  because  the  book  is  rich  enough 
vived  hut  lor  the  shattering  im-  in  t»,emes  ^ jt  jS  » it  covers 
pact  of  the  1914  war.  It  seems  to  flowering  of  Russian  cidture 
me  that -the  events  as  desenbed  -n  tile  1Bth  centur>i  aD{,  even 
in  these  pages  declare  other-  demonstrares  that  Russian  indu& 

WSC-  trill  nrtiurtti  ut  tho  turn  nf  Thi.S 


ISTORY  TODAY 

Edited  by  Peteif  Qbeonell  and  Alan  Hodge 

■?.'  The  AUGUST  issue  includes: 

0YAL  PATRIMONY : 

PRADO  MUSEUM  Jan  Read 

4 : THE  LAST  NAPOLEONIC 
TORIES  .1  Patrick  Turnbull 


g then,  to  create  her  in  words,  and  V!5  four  Tsars  as  his  span.  Crank-  wor!d,  a fact  the  Soviets  tend  to  XYri-sets  ' V;norii:\'±± 

2 fails.  He  tells  us  of  visiting  her  shaw  Traces  the  accumulation  oF  bush  up,.  But  the  book  would  ( ShIHS?!?*  ( 000s):t:i: 

3 in  the  psychiatric  hospital  where  Ph^  forces  that  produced  the  revolu-  be  better  balanced  with  more  auorVf.n'iwwi 

o she  suffers,  exquisitely,  from  t>on— the  appalling  backward-  abc,ut  oew  men  antj  ideas.  averaEE  * 000 

§ toltfSt  m3a<SaphHteilsCS1{Ss  to  miss  ail  the  sights  his  inter-  Sw2ri«?n<?jSrbvRJSSJi  . /or  example  ,is  assessed  Furniture  (1970iio6)f;*""” 

0 aSSW"5  SSSST Sit ‘aU  by  Russia's  MSS 

2 A most  delicate  tale,  incorporat-  f JJJv® 1 raus‘  ^ enter‘  heavy  dependence  on  abroad  to  ^ mULS 

0 ing  a meditation  oh  the  process  taming,  book.  achieve  a much  belated  indus-  p 

2.  of  fiction-making.  In  the  past  couple  of  years  I trial  revolution;  the  refusal  of  Crankshaw  ought  at  least  have  Houses  completed  ('OOOsHf  ... 

a Elspeth  Davie's  Dew  hook  of  have  noticed  several  books  with  the  Tsars  to  countenance  reform,  given  him  creoit  ror  reorganising  Man-made  fibres  (m.  kgs.)-*  ... 

o short  stories.  The  High  Tide  similar  basic  outlines  to  James  with  the  tragic  exception  of  8 country  whose  resistance  to  Petroleum  (m.  tonneslf  

2 Talker,  shows  new  developments  Follett's  The  Doomsdap  Ulti-  Alexander  II  who  was  rewarded  change  be  taxes  -mjo  pages  to  Electric  cookers  ('OOOs  >rt  ... 

O In  depth  and  technique  in  a malum,  -Great  Britain  is  on  the  for  his  liberation  of- the  serfs  describe.  Washing  machines  ('OOOsjf  ... 

o talented  writer.  The  commonest  edge  of  riot  and  disintegration — with  an  assassin’s  bomb;  and  the  The  second  book,  by  contrast, 

9 beginning  to  these  stories  in  an  government  is  collapsing — some  pressure  buiit  up  by  a ferment-  makes  no  apology  for  nostalgia, 

o ordinary,  recognisable,  real-life  force  of  Right  or  Left  attempts  ing  intelligentsia  under  the  iron  With  a picture  of  a pearl-  and 

© situation,  to  which  Miss  Davie  to  take  power  by  violence  and  lid  of  the  security  forces.  jewel-encrusted  Faberge  egg  on  Hosiery  (1970=100)**  

2 adds  a realm  of  fantasy  which  cunning.  But  if  in  a well-worn  But  tue  causes  were  not  just  the  cover,  this  is  a lavishly  Engineering  orders  on  hand 

o appropriately  tod  often  wittily  genre  The  Doorusdap  Ultimatum  fnternai.  None  of  the  Tsars  illustrated  chronicle  of  the  (1970=100)**  


Cement.'  weekly  average  ('000 
tonnes)*  


v 011111  L J “ ‘■V"  m—m  j 

JJ  Talker,  shows  new  developments  Folletfs  The  Doomsdau  Ulti- 
O in. -depth  and  technique  in  a matum.  -Great  Britain  is  on  the 
o talented  writer.  The  commonest  edge  of- riot  and  disintegration — 
© beginning  to  'these  stories  in  an  government  is  collapsing — some 
o ordinary,  recognisable.  real-Hfe  force  of  Right  or  Left  attempts 
0 situation,  to  which  Miss  Davie  16  take  power  by  violence  and 
2 adds  a realm  of  fantasy  which  cunning.  But  if  in  a well-worn 
O appropriately  tod  often  wittily  genre  The  Doomsday  Ultimatum 
© complements  it.  There  is  the  is  still  good  reading,  although 


' *11  ft  111  El  IIXIimiADUE  nnfiftQIII  AT  n adds  a realm  ot  fantasy  wnicn  cunning,  out  it  in  a weiM 

nfHilCL  HAW  8 nunilfcf  UUIIOUIi  A * A appropriately  tod  often  wittily  genre  The  Doomsday  Ultimo 

Effbnm  ■iOEY  O rhnrlntti*  I inrltrmn  2 complements  it.  There  is  the  is  still  good  reading,  althi 

■ CKrllUL,  I odu'O  tjwnone  unagren  & ^ woman  filling  in  an  Official  not  for  the  over-squeamish. 


(1970=100)** 


tISTIAN  RENEGADES  ANDIBARBARY  S 

IS  AIRS  . - Stephen  Cf/sso/d  g 

© 

ilEVAL  HOSPITALS  OF  ENGLAND  § 

\ Courtney  Dainton  © 

SENERAL  SIR  HARRY  SMITH,  | 

7-1860  William- Seymour  | 

£LU  AND  THE  VI0UN  Owain  Edwards  S 

NOW  ON  SALE,  PRICE  SOp.  § 

■ 8 

' ua!  subscription  £6.70  from  Bracken  Houses  o 
Cannon  Street,  l_ondon,  E04P  4BY  - r'  8 


0e«9090090eefie99e90990999«d0000000000s 


Worshipful  butchers 


managed  to  conduct  a wholly  Romanov  era.  There  is  just  ^Pkly  average 

successful  foreign  policy,  yet  enough  history  and  politics  to  v * ini 

none  could  resist  the  lure  of  give  it  weight.  But  the  best  Raw  wools  i™*  talosjs  10-4 

expansionism  either,  be  it.  in  chapters  describe  the  culture.  M 


BY  ALLAN  TODD 

The  Botchers  of  London  by 
Philip  E.  Jones.  Seeker  and 
Warburg,  £9.75. 246  pages 

. The  .Worshipful  Company  of 

the-  Butchers  of  the  City  of 
London  is  one  of  those  City 
Livery  companies  most  of  whose 
members  either  practise  or  have 
dose  connections  with  their  craft, 
though  perhaps  its  most  famous 
member  Daniel  Defoe  only 
became  so  because  his  father 
was  a butcher.  And  ordinances 
made  as  recently  as  1752  gave  tbe 
company  powers  to  regulate  the 
business,  to  -fine  butchers  who 
contravened  these  regulations 


and  to  seize  any  meat  offered  by 
hawkers  within  two  miles  of  the 
City,  even  though  these  powers 
have  long  ceased  to  be  exercised. 
On  the  other  hand,  an  ordin- 
ance of  136Lforbidding  slaughter 
of  cattle  in  tbc  City  only  became 
fully  operative  as  the  result  of 
an  Act  of  Parliament  in  1926. 

Despite  the  widely  held  belief 
that  batchers  always  prosper,  the 
company  has  never  beep  as 
wealthy  as  many  other  Livery 
companies,  but  this  has  not 
lessened  the  importance  of  the 
contribution  to  the  life  of  the 
City  of  this,  one  of  its ' most 
ancient  institutions  — as  fully 
described  in  this  book. 


1 Central  Europe.  The.  successive  tbe  times.  And  there  is  an 
I humiliations  of  ‘ the  Crimean  intimate  portrait  of  the  Imperial 
| War,  the  Congress  of  Berlin  and  family  itself,  and  its  end. 

^”2'  °.S  Unlike  CrenksW.  Seek. 


line  ȴ<u  UUI  UniHro  Trank-chAur'e  hnnt 

drained  Russia  of  its  financial  lV,rJS?  „ 
resources,  but  of  its  morale  as 

we1j  But  one  of  its  strong  points  is 


; Consumer  spending 


rrauumcoi  vui  ui  110  uiuauc  on  _ m - wuujuwci  outuuiog 

well.  S?  ,one  of  >bi  strong  pomts  is  X970  values)  

Even  the  foreign  policy  Motor  Trade  Turnover  (1972= 

achievements  of  Alexander  IT  5f??S  . „ * £!£. « n?  100)  

Priivo  r.n»kBir.B  diaries  and  correspondence _ of 


367.1 

438-4 

197B 

432.6 

2622  403*4 

1975 

Jan.- 

Jan.- 

June 

May- 

June 

June 

Jiine 

109 

122 

114.5 

91 

104.1 

29.0 

32.4 

3L1 

27.7 

332 

188 

193 

184 

169 

212 

320 

229 

312 

381 

385 

487 

445 

459 

418 

411 

339 

355 

311 

355 

329 

126 

157 

151.8 

160 

1542 

Jan.- 

Jam- 

Slay 

Apr. 

May 

May 

May 

24.8 

25.9 

25.3 

26.1 

23-8 

53.6 

53.13 

53.29 

53.64 

46.17 

6.020 

7.052 

7.120 

SJZ2 

7.315 

105.7 

74.1 

80.1 

632 

74.9 

56.4 

65.0 

72  J) 

69.5 

89.9 

Jan.- 

Jan.- 

Apr. 

Mar. 

Apr. 

Apr. 

Apr. 

8S 

81 

85 

95 

93 

92 

94 

94.8 

117 

120.8 

2.3 5 

2.27 

231 

2.63 

223 

10.4 

11.4 

10-4 

9.6 

92 

Jam- 

Jan.- 

Mar. 

Feb. 

Mar. 

Mar. 

Mar. 

34.6 

27.8 

29.8 

302 

252 

1976 

1975 

^ v 

2nd  qtr-  1st  qtr.  2nd  qtr.  1st  qtr.  Year 

8-8 7 5g 

8.912 

8.839 

9.041 

35.413 

1T7 

166 

148 

137 

143 

Russians. 


and  Prince  Alexander  Gorchakov  ™ 

which  brought  Russia  peace  for 

15  years  though  a strong  wouW  make  a sood  P155®*11* 
alliance  with  Bismarck's  Prussia, 

crankshaw  argues,,  sowed  the  ‘Japanese  Prints 

seeds  for  Imperial  Russia  s K 

destruction  by  permitting  the  from  1700  to  1000’ 

growth  of  a strong,  unified  1X001  A1°"  10  1W0 


‘Japanese  Prints 
from  1700  to  1900? 


Building  and  civil  engineering 

(£bn.)c  3.01  Sg  2.998 


1st  qtr.  4th  qtr.  1st  qtr.  Year 


2.644  11.610  10,220 


CTOwth  of  a strone  unified  tTOm  X/UU  10  lfcfUU  " Production,  t Deliveries.  % Net  sales,  g Consumption.  **  Seasonally 

Germany  Ph(lWnn  p™.,.  «ont  adjusted,  ft  All  manufacturing  industries.  1|  Excluding  ear  radios. 

, -.v  , Pa,^  Deliveries,  U.K.  made  and  imported  sets,  h From  May,  1975. 

In  1906,  with  revolution  J>ac^fP®wese  onwarcLs  new  basis  of  calculation  refers  to  advances  to  U.K.  public 

already  nmibluig,  the  new  to  1900.  from  which  the  picture  and  private  sector.  Historic  figures  on  new  basis  not  available. 
British  Ambassador  to  St  Peters*  of  elephants'  on  “tots  page  last  d Prices,  f Including  cooker  griller  toasters,  c Value  of  output 
*«rs.  Sir  Arthur  Nicolspn,  called  week  was  taken,  will  not  now  be  ? United  Kingdom  not  seasonally  adjusted,  g First  preliminary 
on  the  Prime  Minister  Goremykin  published  until  September  2.  estimate,  p Provisional  figures. 


20 


: TEe- FKianci^l " TEtoes:; T5tersd5y  ’ IS'  1076! 


1,000  level  attracts  selling:  off  4,3 


;iO.  i*?.  ?! &r~\ : 


GOUT  MARKET 


BY  OUR  WALL  STREET  CORRESPONDENT 


NEW  YORK, -August  IS. , 


Gold  fell  $3}  m dunce  "fo-$i08£-  weighted  average  depredation-  as 
$109.  in  tbe  London  buHion-mericet  calculated  by  the.  Bank  -of 
yesterday,  in  trading  rfiat  at  tbaos  England,  remained  unchanged  at 
was  described  as  hectfao1^  S9.1  per  ceni.,  although  at  noon 
metal  came  under  heavy  ftreaaaun  it  had  slipped  to  39.2  per  cent 


Gold  BolUon.j  ■- 

Omntaff Sllllclia 

Morning  axWBl  10  25 
ieex-7s*i 
Aftwnrfa  tc’Ef  SiOSJd  - 
vj:  60.666 


Gold  Cato* 


KrogBrntid 


iu«ur  raauvwy  iuckiubuv  ok1**  omoaw  os.  w out  was.  ton*-  imam  jwuuc  HiDved  up  riSJLBO  .active  dealings-  .•  what  DromDted  the  sudden  d«rHni 

trading.  . 40  (35  eenUO  perpre«pik  share.  020  to  m«4.  S»  Metete  firmed  to  68.50.  AmonTVT“ns^rtations  ^ajS-^Sces  dropped  an  S S“wtllt£St-525E 

The  Industrial  Average  moved  P-  R-  Malioiy  lost  SI  to  S35i — it  0.0*  to  92-42 .and  Papers  hardened  Natiooale  Xederiandea  rose  ™?S5fL  fcTthesession  two  .market  soiirees^iSlrted 

up  a further  229  to  100223  in  the  plans  an  offering  of  .400.000  0.48  to  11S25.  • Fs2.90  to  822.  d«oted  that  the  approa^oftiia-SM 

first  hour,  but  finished  down  423  Common  shares  and  also  J30m.  in  Southam  Pres*  A”  gained  Si  An  uneven  trend  developed  for  ^ cn-oemdarTofftm  Etertrie.  gold  auction  in  September^' ma* 
at  995.01.  The  NYSE  AH  Common  debt.  Tn  ft9aA  anA  Thonyum  NAuunaMK  nnuOi  TnHnrt*f*i.  »/w  u*mim  ineanapension_oi  ran.  Erteciuc,  « , — . - p4*  . _ .may 


J3X2LLAR 


at  995.01.  The  NYSE  AH  Common  debt.  . . . « SKtJand  TOwnson  Newspapers  Dutch  Industrial*  ACF  Holding  opwat^  Som  Tharedar,  caused  tare  been  antaflueTringfattoT 

Index  came  bacg  13  corns  to  Cone  MUb  surrendered  $12  to  A «we  Si  to  513k  were  down  Pg.7,  Van  Berkers  additional  tef^i»rnrohfems  to  • Activity  in  the  foreign exehanee 

$5525.  while  losses  outpaced  Sains  $39!,  Diamond  Sfaunrocbs  $2*  to  But  Mo  Algom  lost  $1  to  $S3k  Patent  FsJSJSQ.  ofcfi  VD  Orinten  jectuucal  iwobtems  to 

by  731  to  513.  Trading  volume  $71 J,  Crane  ♦!}-  to  $27},  Stoppers  . Ahnin«x  moved  up  SI}  to  S&t  FiS,  hktori  Holding  Fs.3  and  SWTPZERLAND Generally  6*™  than"  on  Tuesday.  A number  . of 


KstrSoWgiu  $41-44  HQ] 

. *93-84  (EH 

OW8ovV£t»S58iB-4Qly  139 
C2*14*-&2*«i  -i«a 
Gold  Grim  -.T" 

(Intera'Bnlyll  - 

Crngecnod  -iSl 1 Ha -113Xg/5 1 1 


$5525,  while  losses  outpaced  Sains  $39!,  Diamond  Shamrocks  $2}  to  But  Mo  Algom  lost  $1  to  $S3k  Patent  Fs22£),  OCR  i 

by  731  to  513.  Trading  volume  $71},  Crane  $1}  to  $27},  Stoppers  Aiming  moved  up  $1}  to  $8}  F&5,  Pakhoed  Boldin 

decreased  IJSam.  stares  to  17J5m.  533},  Proler  International  51}  to  on  merger  disen^ions  with  Helneken  Beer  jFs^LSO.  m 

Many  investors  were  inactive  $40.  Caterpillar  Tractor  52  to  Canadian  Superior  OIL  Government  Loans  gained  up  to  Banks,  Financials  and  Indus-  *e  IIS.  dollar  as  largely -specula- 

uhile  awaiting  the  outcome  of  the  $56;.  Sealed  Power  Slj  to  S211,  PARIS— Most  French  shares  de-  trials  were  mainly  better.  Insure  tive  conditions  prevailed.  - , The. 

Republican  National  Convention,  Fluor  $i,_to  S44.  Norris  Industries  clined  In.  a very  calm  session.  GERMANY— 'Well  maintained . ances  were  steady.  while  French  franc  -.dosed  at--frsA98i 

and  also  while  waiting  for  several  51«  to  S»4,  Eastern  Gas  and  Fuel  Borel  further  recovered  Frs.10  “ active  trading,  reflecting  both  Chemicals  were  mixed.  Hero  rose  from  frs.4285,  while  the. Raima.  -22 

major  economic  reports  due  in  51*  to  Kfc>  and  Tedmlcare  $2J  to  to  287.  Domestic  and  Foreign  interest  Frs.65  to  3J25  and  Swiss  Credit  lira  finished  at  LSSfif  - agaibpt  ■ 

the  next  two  days.  S411.  Chemicals  gad  Mechanicals  were  foU owing  the  mark’s  steady  climb  Bank  Frs^fl  to  2.705.  L837i.  WKh  the  Bundesbank  rev 

The  U.S.  Commerce  Depart-  Gold  Minings  were  lower.  ASA  mixed.  in  Foreign  Exchange  1 — J= — — ■ ■--**-  ' * *'  ■*  - ■ 

ment  reported  that  personal  were  dovra  $1  to  S15J.  Homestake  Gold  Hines  dropped  back,  set-  Commerdank  gain' 
income  in  July  showed  its  biggest  Mining  $1“  to  $28*  Dome  nflnes  ting  the  trend  for  the  Inter-  to  DM190J0  — : it 


; rs-°  8110  SWITZERLAND — Generally  firm  on  Tuesday.  A rn.ijc.ber  . of 

in  brisk  trading.  currencies  made  headway  - against  ■ 

amed  up  to  Banks,  Financials  and  ittdus^  *e  IIS.  dollar  as  largely  .qjSnda-’ 
trials  were  mainly  better.  Insure  tive  conditions  prevailed.  ■ - - The  • 
maintained  ances  were  steady.  while  French  franc  -.closed  atr:fr*A^8f 


XOTfSorVgiw  . 

....  etc  211-2318)  ifiw 

OH  SorYms»l$34ls-a61s  JSB 

tteiflii-1. 0«a)  ;ret 

9B0  B>pia*-.urefi-x  as  ns 

flW  britk...  897-ltW  3M 

fS 67-70  . S9S 


FOREIGN  EXCHANGES 


in  Foreign  Exchange  trading.  Most  VJ&.  stocks  ware  above  fportedly  buying  dollars,  the  Wt 
■r  Commerzbank  gained  DM2.40  Tuesday's  Wall  Street  levels  ini  Gorman  mark  slipped  to 


'isrer.— 


SniHh  International  fell  53|  to 


$303 — it  doesn't 


income  in  July  showed  its  biggest  Miruog  Slj  to^£3/.  Dome  imnes  ting  the  trend  for  the  Inter-  to  ‘ Did 90 JO  — :it  confirmed  moderate  trading.  German  issues  from  DM2-50J.-  . ■ ■ __  'fc.  - - - f 

increase  in  11  months,  $J3.9hn.  at  *1«  to  S34  and  Campbell  Red  Lake  national  section.  Bnffehdontem  rumours  of  an  impending  rights  were  mostly  higher,  but'  other  The -Japanese  yen  steadied  ^‘are<  r 1 r 1 — * 
a seasonally  adjusted  annual  rate.  to  SlS,.  ■ lost  FrsAlO  to  2fl^0,  Free  State  issue.  Other  major.  Banks  posted  Foreign  shares  were  steady,  or  the  wake  of  its  recent  advances  • **  mm*  APR  wee  MS  jul  aug 

Barron  fibs  were  active  and  Eastern  Gas  and  Fuel  gave  way  Frs.4.90  to  53  and  Western  Hold-  moderate  advances.  eased,  in  moderate  trading.  . over  the  dollar,  after  the  -Bulk  of  I . 

down  ss;  to  SS9J.  *15  535  and  National  Coal  SU  ingg  Ftsj.50  to  73.50.  Kloeckner-lVerke  rose  DM3  to  HONG  KONG— Slightly  higher  Japan  had  bought ar least  5100m.  • • 

SniHh  International  fell  53|  to  t0  BRUSSELS  — Lower  again  in  2M126:5ITit  estpects  European  in  increased  trading.  • in  order  to  centr^ttie  riSfe^The  nuiunwr 

5303 — it  doesn't  expect  any  THE  AMERICAN  SE  Market  sjow  trading  Commission  approval  for  its  take-  Hong  Kong  Bank  were  up- 10  ?ett  finished  at  Y2SS  from  Y28?f;  SPECIAL  CHAWING. 

Value  Inter  fell  0JL7  to  103^7.  steels  and  Electrics  were  down.  °rer  of  Majamflian  Huette  from  cents  to  SHK1&50.  Hong  Kong  on- Tuesday.  The  dollars -trade-  rights  HATES  - 

WEDNESDAY’S  active  stocks  whlte  decUnog.  outnumbered  Hainan t-Sambre  were  off  Fra20  ^ielt  Group.  Other  Steels  Land  5 cents  to  5HK6.75,  Swire  weighted  average  depreciation.  

WEDNESDAY'S  ACTIVE  STOCKS^  advances,  by  294  to  248.  Resort*  were  firm  to  steady.  _ pacific  “A”  calculated  by  Kurgan  Guaranty  if  OoeSDSi,  aur.18  Aug.  17 

Slocks  Ootioe  on  faternational  “ A”  rose  S|  to  S8i  FrsSto^SM.  ,BSIW  Hong  Kong  Electric  5 cents  to  N«w  Yoric,  on^n  rates,  ^detad  0 644738  tOmSST 

traded  price  day  on  14o,400  shares.  „ . . , DM225  ex  rights,  Daimler  were  off  SHK-L325.  Qtin  in  carts  to  to  235  per  cent,  from  2J&  per  ^ ^?n«r  1 isim  1.14918 

Rouse  Finance  ..  . 3i7w  =0  +s  -----  Metals^  ad  Oils  were  irregular,  pan  t0  Dmi7  ^ w dawjl  SShoS^RmStdo S “**t  previously.  JSfi  S'  4A6M» 

Am«r  ‘tcT^Xei #000  mi  +1  atucd  MSavrTC  whde  Chemicals  and  Holdings  DMOJJO  to  DM13&50.  5 cents  to  $HKfl!S^  steritog  traded  fairiy  quietiy  to  2.88796  2.B9122 

O^dcmal  Perrinr.  m*  — OTHER  MARKETS  declined.  Fixed  Interest  Securities  were  TOKYO— Small  but  widesuread  rather  nervous  „ conditions,  -nbt_F« mb  faaa-  6.728J1  S.TO63B 

S 2 -u  Zaire  stocks  were  mixed,  whfle  active  and  _toe  _Butaesbank  sold  gate,  vSh  investors  seeming  to  be  largely  affected  by  iSlSJev«r  IffJoo  - I03S 

Dow  Chemical  ice.0M  43t  +i  i South  African  Gold  Mines  con-  DM4m.  worth  of  Domestic  Public  fzr9’  saconri  section  issn«t  the  present  unrest  within  the  ?%|S2  - foTMi 

BffSTihSte-  ffiSS  % Canada  mixed  ttau^I  toto)P.  Vaal  Beefs  lost  Bonds.  . T _ VohnS  2lS(2oSdimS^  European  -snake-  and  not  tee-/  SSSffSS  l Sl?3  lwl\ 

mSSip  5.  ur  “ ni  - Canadian  Stock  Markets  were  a further  Frs.17  to  428.  OSLOr-Ihdustrials,  insurances.  . Movinw  hlgL-  log  any  heavy  pressure. The  6wte»fe»oc..,.  a.8S9B8  8^4662  • ; 

southern  Co.  iao.109  isi  -*  irregular  in  moderate  trading  U.S.  shares  broadly  recovered.  Bankings  and  Shippings  were  all  speculatives  ;md  Paoer-Putosl  P01^1  *ri®sed--.at  5L783M.784C  values  mW  tie 

yesterday.  With  the  exception  of  West  Ger-  weaker.  ptosome  Refers.  Ma^wSS  against . the  daUtov  ilrii 


Auk.  IS 

W76 


Mew  Vork 
Mavnvri ... 


: Bmaseb... 

Uabou.  ...... 

itoddd 


1 ' ■ JUttstJ 

Bank  -r- 

!a«e»  Bay1*  1 . 

I % Sprawl  . 

6l#iU«2S.|JM8i? 

fifif  5.nS4LNMi 


Slocks 

on 

traded 

price 

day 

House  Finance  . . 

317500 

30 

+: 

CItS’  litres! 

'JUU30P 

Ut 

+> 

Amer.  Tel.  Tel.  .. 

307.000 

60» 

+/ 

ucddcnral  Pcfrinj 

I9&300 

IS 

Walt  Disner  

1M.700 

49 

-i 

Dow  Chemical  ... 

1C0.9OO 

+» 

Burro  Etc  hs  

U6.000 

891 

—3j 

Black  and  Decker  . 

156.300 

20 

+i 

Middle  S.  Ut 

mono 

HI 



Southern  Co.  

IS.  100 

151 

-* 

OTHER  MARKETS 


W^to  2M0  CC^  Motors  were  weak.  BMW  were  H^gKimg  5 certs  to  New  Y«k,  on  notmrotes,  widened 

„ j ft..  , DM225  ex  rights,  Daimler  were  off  sHKL3^0ilna  iW  10  cents  to  to  ^25  per  cent,  from  2J&  per 

Metaloaod  Oils  were  jTr^ukrl  DM1  t0  DMS47  and  down  cent  previously.  :.=V  E&£ 

whde  Chemica!*  and  Holdings  DM0J0  to  DM1S350.  SMsta-OOtfS8  Steritog  traded  fairly  quietly^ 

declined. 


Otto: J 

Pari* ! 

Stockholm  . 
3ohyo~— 
-Vienm  „... 
Zurich ....... 


8 is  10-78- UJW  ; 

51Z  k«*^60  j; 
-eis  «»«.$'  - 

7 ■ tsun-uisol 

K I.<80-T,«S6 

Sis  LS7-MI 
6 7.81JJB 

81*  W2-5S5  - 

4 S1.«Mbc.n  ‘ 

5 <U84-MB 


yesterday. 


Indices 

NEW  YORK  —DOW  JOKES 


H.Y.  S.B.  ALL  OOXKOK. 


Auk.  Auk.  Aug.  Auk. 

is  17  re  ur 


Rise*  and  Fall* 
ie*  Ttadad— 1.890 


Aug.  U 

Uo — 613 


AT  si?-  ^ ^ "ff  hr-ssr 


apdatioD  86.85  66.38  [ BSJS  ! OA9  66.54 


I7E) ) Cl/vmt  K<nr  63 


- . 6*  ms — 506 

Vtrw  Lom  23 


SS!  Utflitier  UgirS  -«  day.  Its  trade.  watthmw. 

tricals  gave  ground,  as  did  . ’> 

Matore.  Textiles  and  some  Con-  EXCHANGE  CROSS-RATES 

strncticms.  ~ -— 

TOa  Nenxyo  Kogyo  rose  Y1  to  Aua- 18  rnuikmrt  Xe»  York  P*r» ■-  SruMelB  Ii»don  A'meithura  : 

Daikyo  ftniJoit  - SLS13S46  6045®  6.47-48  4.480486  «JBM8  "5 


. •Baric  discount,  i Hue*  st 
camertiMc  franc.  \ 

TSJfl.  -Ana.  13:  Bait  R* 
taw  bwn  S.7MS8  and  - Rj 
shnaW  have  been  S.7Ei-SJ7|. 

OTHER  MARKETS 

•SNriw 

* Ax»n‘a*.  260-  BO  260.  JB  Ar-Wtf  J 

AuttnUtaJ  1.4216- 1.4577 Anrtrt*. 

KareU 19.73-18LBS  <BebrjuA 

Finland—  6A1-8^S  [UraST 

Omc«....»l.6&S6e.17irC4iiH& 


Wl  added  Y33  « 325  and  Nipp « mm* 

Oil  put  on  Y6  to  366.  — 1 •-  J — “**“■ 


4.480485  8LB48B  1 10L6b8& 


Gtwc«....M4.6SB-88.ira;Oto*& 

Hair  Raun!  8.7426-8.77  iDnan 

imn  124-128  '{pHtaett, 


Pari* 


Ito  Ham  were  up  Y50  to  1D90, 1 Brntseis-J  iaji^6 


ludustdal ..  j 886  Jill  895.54 


tjno&eao 
38.77-88- 
1.783 -784 


- 68. 13-88 

68.95-16  )"  — 


8.865^90-1 186.03-42  20U4f*J 


Trmrnport., 


Trying  roL.1  ' ; 

OU'a  : | 17.150|  18300  16.21fl!  13,83)1 16.668  18.7 10 


UIIAl!  868.71  1B6J.76  41A2 
itSffl  [ <2/ll  (11/1/73)  (BftSZi 

88.81  | 86.68  — — 

06.6)  j (13/71 

231.2/  176.88  273.88  19^3 

fl4(?l  (2/11  (7/2^81  (8,7021 

93A8  84.8  163A2  10A8 

(6/»  | (36,51  -20.-4/6&  |l/28/*/4Z1 


JCOJTRZAX 


ItuSomwl 

Comhined 


13&68  18S.6&  1183.40  19ZJK 
18BJZ7  1S0A4  188J8  188.84 


207 A3  (ISA) 
189.78  (20/6) 


176.62  IStb 
173A7  am 


T0R0XTT0  Indmtzia]  jlSSJS [189.15  1 188 A0  ilSS-SS  j 187.43  OOfo  [ 173J1  g/H 


‘ Bams  or  mna  dwtseo  rram  int*  l 


J0HAHKSSB1TBS 

GoM  1 122. 2 141A 
ludastihUs  1185.1  hss.1 


House  Food  Y120  to  1 ssn  AMa  Lcmdcm — 4A7-48  L783-784  I MW  G8.95-JS  — . . __ 

FmL-rinr  Vmi*  aw  VttaS  Am'xdta. -10Bj8*49  ^6702-27  ii3.ffl6-725  6Aa3frfi&  4-766-770  ~ 1K»A1M65 

SSI,  Mureta  Y50  to  1,740,  Shined  GA.  $ In.  Moutrwl.  UA  a=98J4-6fi  Canadian  1 

Y46  to  434.  Toho  Real  Estate  Y45  - C*n*dl*n  9 In  New  York.  08=1013840  U^.  cents  CA( 

to  519,  NijRIOn  Television  Y80  to  Bterling  In  MBan  JW3^WA& 

2,880  and  Toho  Y50  to  3450.  .....  ILi  r-  .. 

JOHANNESBURG— Gold  shares  EURO-CURRENCY  INTEREST  RATES 


U&.  $ In  MonlatAL  UJ9.  Canadian  cants. 

Cansdtaa  $ in  Rew  York.  «8=l10L3M0  U^.  cents  U4L  8 in  Jtibm  E3&&837.1 
Sterling  In  Rttan  1493^94J& 


124-128  '{Ptanett. 
Kuwait  0.5174)^27  iGummi  , 

Luambg  . 88J8-88.I6  tGmcdb'  j 

Malaysia^  A438IM.46 
M-Zcalsad  1.7B87-1.7B&aUainn^ 
riaodiAnh:  6J8446  b<etlMi‘.l.- 
Singapore  4^7«M. S550  Nofwaj 
tf.A/Hca...,  L64J8-L6&;*  rot-:.r.7 
G.tJ.-  ■ IdpaiZ 

Quads  ISsrite’S 


D.tt—  • 

Quads  SwitsT 

cat--  ! 

UJ3.CBnte.|m.S3-101.K'ViigDili 


147.1  | 147J 
187.6  ; 188.2 


226 J (12/3)  J 152J  (1S,«) 
216-0  (21/Si  I 186.1  (18(6) 


moved  down,  reflecting  the  lower 
bullion  price. 

In  Platinums,  Potgxetersrust 


Ind.  dir.  field  % 


Aug.  13  ' Aug.  6 


; Year  age  (approx.' 


Pre-  1976  ; 1876 
vian  High  ! Low 


Aua.  . Pie-  1376  1376 

18  * nous  High  Low 


STANDARD  AHD  P00SS 


Australia  (oij.5S0A8  61548 
Beigiam  tf»!  97.47  83^6 
Denmark  uft  llfi.78  11&.72 


! 44642  Spain  o»l  S6.05  86X7  ; W0.79  85.45 

' am  ^ j • (7/»)  (i/4) 

97.47  Sweden  ft*  454.48  • 46BJ8  476J6  393.38 

(1&8)  , I IW8)  (13/lJ 

0020  Swita’rl'd  Cr  2873  < O&B  238.8  275A 


Has. 

AUSTRALIA  — Market 


(lg^l 

looai  Swiss ’rl’d 


ing  Federal  Budget. 

BHP  rose  38  cents  to  a three 


Aug.  18  1978 

S reding 

U.tL  DoOat 

QUDdiflD 

UoUftr 

Du  brill 
Guilder 

W.Gdrman 

mark 

3wU*  - 

. traao.  . 

TSbort  uon.- 
7 dxya  nation 

Month 

Three  moatfa*. 
dix  months..- 
One  year 

10U-103* 

tl-IU* 

Uis-Kra 

137B-153* 

IMS-Hra 

WSs-Hie 

651* 

W»4S». 

b-W* 

Bte-Bfi*'- 

Mi* 

fiSa-37* 

Bl*3la 
.:  teio 
. “3-10 
8d-M,> 
ais- 101; 
858-105* 

85*2T,  ' 
26*2-1 
Ml# 

«#-4*  - 

4U-4» 

Bte-Ul 

. 1*J* 
»*■»# 
.S*-7| 
M* 

* Basic  discount,  v Ghren  j 
dealers.  A Rate  jaraf-li  1 
BCRA  rate  4«A2S-U5At. 


FORWARD  RATES 


— 1 One  muntb 


Kow  Y orfcf  )L  IS-  L08c-ian  U 
Uonstual  .f0^5AO,48c.iim  Lt 
Anri'tataS-fi  (jlii  . 
BmnelaJllS-iaficdk  . IS 
Qy'rirtHpHa  owulto  12 
Fi*nUartl534-$8s  pl.par  18 
LtaOon  'Par-100  eAla  Pi 
Madrid - J««V450  c^il.  B8 
riltan^JlilO  lire  dt.  37 

Pari*  e.pm  . St 

SKx*h?3tSiA5*_orfldi.  2 

viboj*_ Jaa-ie  gn  pm  tb 

Zurich  v^KTa-3Tt  C.  pm  H 
' Six-moi*!  forward  DA  do 
Mn  and-  D-mrab 


■Industrtala  |lT7.o7|’ 117.64  116-8^  11B.7B 


tuf.  ‘ Aug.  I 

Up  j if  I High 


■Industrtala  1117.04  1|7.64|  11A8&  118.70  118.68)116^8;  119.02  101.64 

_ ! j J J (M/ll  (2/U 

■Compomte  104.68  104.80|  184^  1D4J6  104jd  104.0S  106.9a  SO  A0 


134.04  A£2 

(l  1/1/73)  (30/6/32) 
12024  4.48 

rll/1/731  (1(6/32) 


76L4  7&L6 


j Aog.  11 

Ind.  riiv.  yield  % 

3.48 

( 5.46 

Ind.  P;E  Hbdo 

12.77  | 

[ 12.83 

Lang  GtjrL  Bond  yirid 

5.34  1 

5.45 

Tear  ago  (approx) 


Germany  iff.  76L4 
Holland  «rtj  K.2  87-5  j 

ffnBgtamgM!  anfi.75  396.44 
Italy  (aJ  8L82  82.64 


indices  and  base  dates  Call  base  values!  to  5A1.40  and  Thless  15  cents  to 


5A2.75. 


J 237ft  1 «jt  l 238  8 z7sa  rose  38  cents  to  a three  Euro-ftencb  denorit  rales:  tvadtr  BMW  per  cent.:  smukEu  OKU  per  cent: 

I • I (12/5)  (4/6)  years  high  Of  5A928.  Utah  gained  uae-mooth  lOMli  Der  cent.;  ttree-aunttb  UI-111  ner  ceot;  Stt-«nonth  Xll>Ui_per 

1 20  cents  to  5A4^5,  AAR  13  cents  l~hUi-  ^ ^ ^ ™ ~ ' .... 

1 base  dams  call  base  values  to  5A1.40  and  Thless  15  cents  to  **■* 

nyse  ah  commoo iA«>c  w per  cent..  lour  rears  Si-Si  per  cant;  five  rears  Si-a*  nor.  oast. 

hanrt.rti.  otth  pocks  10):  , TUb  . fo&nrtns  uonlDal  rates  were  uwXed  lor' London  dollar  certificates  on 

AH  onL  fb)  Briziao  PancMittocntal  were  lifted  30  denorit  one-nmodj  S3 1 per  ceau  rtore-mocOi  5M1  par  sent:  stomoudi  6a«-5i5ifi 
(d)  Copenhagen  SB  LO/T3.  cents  to  $A15B0.  w «nt-;  «>MMt  8HI  oe 

S “S,  “LSSS^  tolol  &Pl.alfa.m.prpveJ  ia  t g^  o*.  M*.  ».  c-«i»  a*™.  ». 

HanT&S  Bank  “nts  SA1^»  and  Woodride  a***  nouoafor  mmdera  am  Mss  taw*.  ... 

2/1/73.  >n»  ToRyo  Baxmah  2 cents  to  SAL21,  t Rates  unavailable  dnt  to  market  fiuemarionx.  - 

_ ; 100L  ” ■ 


L7 1 727 JB  100  exoept  NYSE  All  Common— 
72)  I (9/8)  SO,  , and  Standards  and  Poors  10); 


an  Old.  (b)  Bdsian  awrusmaneiiiai 
(d)  Copenhagen  SE  1/1/73.  cents  to  $A15^0. 
mrse  190.  (f)  Cammerriunk  Ampol  Exp  I oral 


GERMANY  ♦ 


OVERSEAS  SHARE  INFORMATION 


Investment  premium  based  on 
$2.69  per  £1—1024%  (1094%), 


NEW  YORK 

Sleek  j A,u«' 


j Aug.  ! Aug. 
IS  l 17 


Abbot  labi.-...J  50 Sg 


Adi1rw«w<gr»iih  ...j  95g  BSg 

Aetna  Ulc  A (.'as.  SHa  32 ’2 

Air  Preducta ' 37»«  37IB 

Aiwn I 52<s  32fig 

A lean  Aluminium  28  ■ 28>4 

Aleva I 58  . 5Blfl 

Allejtieny  Lillm.  351"  ' 361a 
Adeghum-  Power  193g  I 19Sa 
AmnlCImnlttl..  39  is  . 40 
AIII11I  : 443*  451* 


Alhy  CluUmi:T-^....j  27 


Aag.  Coming  785*  7Bls 

17  CPO  int’natinaT  48)*  48 12 

Crane 271*  287* 

50  Crnckrr  \at......  adb*  26 

93*  tYuwnZellerbach  42 1*  41Ai 

3212  Cummins  Rngin^  40U  40 14 

371*  Curtisa-W  rights . 16  161* 

Dana 271*  ' 27 

SB  8 Dart  Industries..  36  * [ 343* 

361*  Deere 681*  I 681* 

Dal  Monte 277*  | 27 1, 

32,  Dultoaa 4 1 41* 

Dvtmit  Edison....  144*  I 14 In 

aofi*  Diamond Slianuk  71b*  : 737* 

S^78  Oiccapfaoau ; 9 (*  | 91* 


John*  Manvilie„|  291* 
Johnson  Johnson  86 
Johnson  Control  I 211* 
Joy  Manu  factor' gi  463* 


463*  [ 467* 


Kaiser  Alumin'mt  391*  ) 39 la 


Amerada i 213* 

Antcr.  Airlines-.!  141* 

Arncr.  Brsn.li 40r* 

Anicr,  llmadcaN^  37s* 

Amcr.  Can j 35ls 

Amer.Cj-anamldj  27 


Digital  Knuip...^ 

IHaney  (Tfalt) 48 1 a l 50la 

DoverCofpn 6Sta  65  i* 

Dow  Chemical....  457*  45k 

D reaser.. 435*  431* 

Du  Pont  - 1371*  1393* 

Dymo  Industries  93*  Si" 

Bagle  Picbcr 38k  ■ 38k 

Hast  Air  Lines....  9 9k 

Kastman  Kodaa_  971*  . 983* 
Katon— 4359  | 43k 


Amer.Cx-anamldj  27 
Amcr.  Eler.  Pon.  22k 
AmeriauiKapread  4X3* 
AmcT.IIomc  l*n«i!  34fi* 
Amer.  .Mv!1cnl._,j  10jq 
Aiiut.  Motr.ra ....  41* 

Amor.  i\ni.  (<sv  . . 373* 


401*  I 401*  Kaiser  Industries!  16 

16  I 161*  KalserSteel 44 

K*y 41* 

2?I*  1 27  heanecott.. 32 

36  4 [ 343*  Kerr  McGee ......  721* 

681*  I 68k  Kldde  Walter 32  k 

877*  j 27k  Kiraborly  Clark..  39S* 

4 1 41*  Koppera. 63k 

148*  1 14  in  Kraftn 44k 

71b*  : 737*  Kresge 387* 

SU  / Si*  Kroger C-t. 24 

733*  I 1727*  Ken  Strauss 207* 

48, a I 50la  Uhbey  Ow.  Ford  33k 


16  157* 

44  | 44k 

41*  , 41* 

32  , 321* 

721*  | 727* 
32  k I 521* 


9U  9k 
1733*  I 1727* 
48, a I 50  k 

65k  653* 

457*  45k 

43S*  43k 


373*  j 371* 


Amcr.  msikIhii].'  27k  j 279* 


Aiin-m-sn  Slims.  30  k 

Vl*r.  Til.  a-  Trl.  60k 

\MK  19k 

lllllVI  Bl? 

Anaii-nda  ..  . > 28k 

ini-h-w  llivnius-l  32k 

iiihiii^'t  IIiim-Ii,  SB-,* 
hns'iMivI  . . jJI, 

*.?.A 15k 

Asaiiiera  Uil. ..  . 9k 


HOAG 1 17k 

Kl  Paso  \ai.  (in'  143* 

Kltra 313g 

Kincry  AirFr’ghl  41 

Fmbart ■ 357* 

K^t.l 4k 

Kogellutni  II  ,n...  34k 

KsnotrL 33k 

Klh.vl ' 36* 

Kuu'ii 52 1* 

I Pairvliild  Camera  471a 


Uly(BK) 

Litton  Indmt— . 
LockhoedAircratl 
lame  Star  iods... 
Doug  Island  lig. 
UvnsniUsd... 

Lubrizel { 

Cocky  Stores ; 

L'lceaVoungkt'irn 

Mae  Ullhut 1 

Maey  U.  H 


Mir»  Hanover-...,  363* 


! Alapcn 

Marathon  Oil-  . 

! Marine  Midland.. 
Marshall  Fiau • 


38k  1 39 
59k  1 58>* 
11  ilk 
185*  - 18k 


V*arr*» 

Xililarxl  Dll 


I Fi*i(.  Dei*.  Mdrcs  46k 


May  Dept. Store*  29k  297* 

MCA- 29  k 30k 

Mc-Uernicet ; 483«  ! 4#k 

McDonnell  Doug-  35  23k 

McGrawHiU. [ 16  16 

Mceelt 735*  ; 733, 

Merrill  Lynch-.  23k  1 241* 

MUM ! 13k  13k 

MinnHio'gAMtz;  63k  64 

Mobil  Corp * 57k  1 875* 

Monsanto ......... 89  ■ 89 

Morgan  J.  P. 573*  ■ 57 

Motorola 525*  935* 

Morphy  Oil— 1 225*  ! 227* 

Aabtsco 1 44k  } 443* 

Nal«o  CbemicaL.1  325*  • 327* 
National  Can. 185*  | 16k 


Ail.  ItichlU'Id....  100k 


A VC 11 

Alto 135* 

it, Ilk 

\inii  l>i»iib-tk,..  463* 
Dali.  G«i  him.,  ZBi) 
Hank  Aineriui. ..  54k 
Haiikm  Tr.  \.V.  3S^n 

Barber  Oil 313* 

Rnlncr  I'nnli .,  . 265* 

BccIcuDiikinioD.  39U 
ll.  ll  A ll.mcll.  20k 

Jlrmtlv 41k 

Ib-tHtUCI  l.-rm'-ir'  Is* 


Fbtnlime  Tire... 
Pst.  Xat.  UuMon,' 

I Fieri.  Vaa 

KllnUid'-  

Florals  Power... 


44i|  I MCA 29 i, 

24  I MrUrrsictt ; 48,* 

25 1«  1 McDonnell  Doug-  23 

12  I McGraw  HilL | 16 


Fluor 44 


2&k  ] 253* 


265*  , 27k 


F.M.C 2*3* 

Ford  Motor 56k 

Fotmmst-Mek....  161g 

Fnsburv..^. [ 45S* 

Franklin  Mint....  347* 
Freeport  Minerals;  29k 

Frucfaauf 25i« 

Fuuua  InduUrlnl  87* 


UrUilcliem  ni 39 <* 


flisi  k.VDtvki-r  . 

Uociiir 

n»iN*  l'a<wnlir.. 

llonleii  

KwK  Warner.. 

liranirr  Im  

H-t*sn  M1..  .. 
Bristol  llrera.. 


G.V.F • 

Gannett  

Uon.  Amur.  Idt... 


| //ATX  ; 29k 


Hrti.  Pet  ADR....'  103* 
Hmekway  Ulan,.-  335* 

Kninsvu-k  : 17k 

Hncynu  trie 26k 

HimM 1 191* 

Hub*  a Watch  ' 71; 


103*  , 10*, 
335*  33k 

17  k ! 17k 


Gen.  Cal.le ; US* 

(/en.  D.vnanucs..'  583* 
ticn.  Klcctrle.  ...  55k 

General  Fonda.....  329* 
General  335* 

General  Motor*..1  667* 
Gen.  Pub.  Uil...;  18k 
Gen.  Kignal ; 50k 


Nat.  Distillers.... 
Nat.  Service  Ind. 
National  SteaL... 
Nalomas — — — 


583*  I 59'*  | a'CIL. - - 


25ag  . 2S3* 
13  127* 

475*  1 47d* 
25S*  ! 26 
35  - 345* 

16  . 16i« 

21k  ais* 
305*  1 50k 


Bepnblio  Steel — 

Barbu — 

QeynoJ da  Metals. 
Reyrrolda  H.  J— 
filch' son*  21  errel. 
Bookwell  Inter... 

fiohm  A Haas. 

Royal  Dutch I 

Rus*  ikigs. 

Byder  System-.. 
Safeway  Store*... 
SU  Joe  Minerals. 
St.  fiegia  Paper- 
Santa  Fe  In  da.  ._ 

Saul  Invest. 

Saxon  litdw. 

Sohllt*  Brewing. 
Schlumbecger  — — 
SOM 

Scott  Paper 

Soorili  Mfg 

Sendd'r  Duo  Test 

Sea  Container*... 

Seagram 

Scarle  (8J)j 

Sear*  Roebuck — 

SEDCO — 

Shell  Oil 

Shell  Transport- 

Signal  

Slgnode  Corp 

.■Simplicity  Pat... 

Sluger 

j SolUeutu 

, SouHhIcovd  ..I 
1 Suidhi-rn  Cal.  Edi 
Hunt  here  Cn....—' 
Stbn.  Nat.  Ke»...| 
Southern  Pat-hu.-. 
Southern  Railway, 

Southland ■ 

Sperry  Hatch 

Sperry  Baud 

SuulUti.- J 

Standard  firand* 
Std.OilLklifornia: 
SuLOiu  ndlana-^ 
Std.  Oil  Ohio....  I 
Staott  Chemical  j 
rdertcug  Dnur-.j 

Studetaaker ■ 

Sun  Oil J 

btandsaand 1 

Sjmex— 

Tandy.- I 

Tfchnlorlor , 

Tektronix.—.../ 

Tried  jva / 

Teles. 

Tpilflmi  ' 


Ciea.TeL  Islwt.-  i 287® 


Bnrlinctnn  Nilml  46k 


Oen.  Tire —J 

He  nemo. | 

Georgia  Psadn..! 


‘Barrougba J 

C*lln.\'nijio(or..| 
Carn ilk'll  Sou i-  ... 


Getty  Oil 180k  | 182 

Gillette.  - 31k  . 3H 


I anaUuut  Pb-iHiM  16k 


Canal  Kenduliih..1 
larttaUiill 1 


t arrlrr  A Generali  14k 


i after  Haw  lev.. 


talerpillarTnu-u.  56>s 


C8S 

i rl*nr>ri'.<i)in 
Central  A MV. 


I.'mailt  1tr*l  . ...  lb-'; 

i-rvuui  Am-imi...  273* 
I'iiarrMaiilmllaii.  503* 
Chrmb-al  lilt.  NV;  4 lig 
i hnfbrgb  l\>nil..  273* 
t ‘bvssiu  Nvsti'm ..!  365* 
( Iru-ag"  lirulge  ...  69 

i'hnmnUo.v 1 14  i* 

i byslrr  21k 

t'lueraui*. 2k 


Marino.. .. 

Tig 

jruudrinii  B.  F...., 

28  U 

28 

1 Itukivear  Tire.... 

251* 

23 

! Uanlil 

571* 

37 

! lirui-H  H.  u 

2614- 

261z 

Iirnuti  L niim..  . 

151« 

15  U 

|«l,  .Irfan  Hu- res 

12  >4 

Id 

; IM.  Nurlil  It'll., 

15  i. 

i.ra-vluMin.t 

16 

151. 

ilL.il.vi 

li» 

1-v 

[ Ill'll |II Ipa II 

17% 

1714 

[ (iiikl  A.  ^fv(i<nio. 

19 

19 

1 fiuK  Oil 

26  a* 

87 

| llalliliiirton 

64 

6+ 

I Neptuue  Intle. . . 16  18k 

New  Kngland  Kl.-  217*  215* 

I New  Eng  land  Tri.'  305*  ' 30k 
Niagara  Mobawki  13 1*  i 133* 
Niagara  Share. ...■  117*  ' 117* 
N.U  Indnatnes-'  20k  20k 

NonoiA/ttVestcrn  64*8  , 841* 
North  Nat.  Gas.'  433*  : 437* 
Ntbn  Stales  Pwr.j  271*  I 27 
N'thaest  AlrEvnesi  31  | 315* 

Nthwe*  tBancorp'  52  k I 62k 
Norton  Simon.... I SOI*  | 203* 
I fcvidcnial  Ikurf  19  1 187* 


I Teaneco. 

Teeuro  Petrrioum; 

TVouxi 1 

TesaagolL. J 

Texas  Inarm...... 

Telia  Oil  * Gas  . 

Texas  CtiUthss 

Time 

Times  Mirror 

Timken 

Trane... 


OgilTT  Mather-  263, 


Uhio  Bdisn. 

Olin ...... 

Oris  Btevaior.  _.. 


Irani  Union.—.. 
Tnuurrav  lnt’mi| 
Tran*  World  Air.) 


Tran*  World  Air.) 

Traveler* .. 

TriCcuninenuI  ..I 


Hanna  Mining... 
Harnioa-hit-scr.-. 


365*  i 56k 
69  . 69 


Harris  («r|m ' S2k 


fine.  ililsj-HHi ....  293* 


25 U I »«ur-  H.  J «7k  48 

I UriltT  l\V.K.,..  . 21k  2X3* 

‘7*9  ! tlriilileii, , 50. g 515* 

1D|  j 

^k  | Hrwlrl  i Vta-hard  102  . 104 i* 


OrerveaaShu^ 17 

Owens-loming..'  603* 
linens  lIHoub.. . 673, 

I’nritic  lias ' 211* 

Fai*.  Ugfaiing....  18k 
PlB'.  I'Kr.A  Li  . 2X3* 
Fan  Aui  WurMAir  5>g 
I'arkerKannitia-  52s* 

Ptadvdy  (Ulion...  19 >* 
Fean  Kw  t U...  [ 20»* 

l’mjney  J.  C 49a* 

Penn.'.iil  303, 

He»ple*Driig.„., . 87* 


Tri Continental  .J 

T.fi.W. 

23th  CemuryTuaf 

/'.U- | 

L'AfiUO  

i;(j> 

inp - i 

L’nilerer  Ltd | 

l'ul lever  N'V 

Union  Bancorp  . .: 


nioo  Cai-biiic 

L niuu  Ummiereel 
I'nioii  Oil  (oh....! 
• umn  Pariflc..  ..! 

I'nlutiamatira . .1 

I'nirftyaL 

Uni  tocMi  rands.—; 

UniledGorp. • 

US.  Bancurp. [ 

US.  Gypsum. -,..r 
I'S.  Industrie*.... 

US.  Shoe 

US-  Steel. 

l'.  Technotegiut.. 

I tali  loll- 

UV  Ittduttriea — 
Virginia  KZnnt.— 

Walgreen..- 

W * nrer-Comm  n . 
Warner- Lam  bert 


IVnjtaaGaa 3B5* 


Pei-ic*  ..._ ; 833,  j 841, 


ClTinirp 55  k : 351, 

f.riwi  Serruf....  ' 523,  . 65>* 
flt>-  InveHing—  I Ilk  ■ 103, 

Cure  (.‘ill* 1 87  .'a  I 875, 

i nigars  n,li» i 28)*  I 28i# 

l olllna  AiLnuu..:  10k  ■ 101* 


IViliimlila  Gas....  1 

24iB  ' 

24Sfi  | 

1 olumbia  1‘lrX 

5*3 

< ntn  lnsCin'1  Aju; 

11  1 

XOI3  ! 

r>inihtnrl4ii  lsuj{.: 

46  ia  ' 

465*  , 

• ■■nir.’tli  Eiiivni.; 

30 

233*  f 

r.qnu'ili  (nl  lie*.’ 

IOij 

1014  1 

1 ■luiiii.i+atctilie..- 

27>t 

26-*!  | 

• nS.  Eiti>.i|i  N.V,1 

19i* 

19  («  ! 

i ilulHlay  Imu 15k 

UunmalBke 28.* 

J*!*  ilonryneil  47a* 

10-*  Hoover. 125, 

®2?«  IIiikuoE.I' 15k 

f®*1  I.C indiantrire....  • 20'ig 

10,a  ISA 451* 

24*r  Jngcraoil  Band,  ..  82k 

3s*  Inland  til rrl ........  507g 

IQo  Insllcii 13 


J3k  | Perkin  Cimev.,.- 


I*« i 

PBrer 


21  I 211* 
30  l 30 
28ls  | 285* 


40-2  l aeip.  Dodge—  ,.|  42  i 42k 

153*  Philadelphia  B«  17 U ! 17 U 

20**  Mulip Moreia..,.. ! B8k  1 86 

48  Phillip*  Petrolm;  605*  ! 601* 

83  Pivksirt  Inter  ..I  184*  I 19 

81s*  Pfllsburv - ; 41  401* 

sa,l  Pitney  Bores ! 155*  ! 153* 

| rilla.m ■ 41  <«  ’ 417* 


279.12  280  Pieuev  Ltd  A DB,  135* 


I •mutl  t'laalv.  26 
I j'raul  Nai . tisL—  377* 
r riustiuieraPuircr,  ZOk 
|■|•a^inl.■m^UTlx■|  34  k 

r’nnt  mental  Oil...  571* 
< .-ulinentmljTcIc..  14k 

• jimral  Data 23  k 

Cnrper  Indira 39k 

Copper  Bangs..-.'  805, 


2fjJ*  | Ictl.  Hat ir.rer  31 

19>*  .•  (ml. Min  i.  I'hcm1  54i| 

253*  1 tut.  MulllfiNklt  , 371; 

27k  1 Imri 34sr 

20  Ja  i 1 nil.  Fa  pet ' 651* 

341,  ilPii  £4 

37k  1 I nil.  Tel  A Tel ID* 

IS  : Intern  Ik 

35k  ilnwaReef  29 

39k  j Itriatexnatumal.  Ilk 

20k  j Jim  Walter 291. 


j Wells. Fargo..—: 

. Wcsiern  raneorpi 
Wretern  .V.  Arncrj 

W«M**ni  IfniiKi...: 

WwUugh’i.  Elect.; 

WeatSato.. | 

Weyerhaenrae...  . 

widripooi 

White  Uom-tada^ 

WUUamaCe 

WIbcOusih  Elect... 

Wnolaorilt :.J 

Wjij. 


371;  57 

34n  54 

65ia  . 65 
£4  25 

51 5,  51 

Ik  1 

29  28 

Ilk  II 

291*  i SO 


P.daiv.id 

Potomac  Klee...  . 
I'PTi  Induirriet,. 


— . ■ e e*  imtuunre., 

341?  : FmctsUamlile .. 

655*  ; Pnh.  cwrr.  Elect. 

25->*  j Pullman 

31k  Pure*  - 

l 'S  I Quaker  rhn>  - .. 

38k  i RapicLintencsin- 

117*  I fiarthean 

50  i BC  A 


58k  59 

14  , 14k 

58  68k 

96k  - S& 
21  911* 

37s*  . 37k 
17  17 

26k  27 

5I3  6i3 

63  hi  65 
287*  . 287* 


366* 

88k 

426* 

697* 

BSk 

291* 

56s* 

| 463* 
106* 
147* 
433, 
42i* 
39A, 
371* 
35* 

a!* 

as 

19 1* 
181* 

7 

1 3236 

23s* 

136* 

876, 

28k 

69A, 

30 

21 

413* 

13 

205* 

j1*! 

20k  J 
18  k j 
65k 
555* 
62k  ! 
243*  ; 

ifk  I 
461* 
31k 
344, 

■ 381* 
61** 
681* 
46 
167* 
59k 
376* 
34 
267* 
30k 
5k 

63k 

72 
Si*  1 
351*  | 
145*  I 
271* 
34k 
114k  ! 
211,  I 
20 

-63k 

211* 

57 

0s 

35k 

20k 

12k 

366* 

203, 

S6fi* 

10 

26k 

21 

163* 

137* 

50 

43k 

101; 

67 

7‘S 

524, 

87k 

2 

‘ £.’<  » 

8*8 

24 

Z23, 

61, 

267, 

497* 

55 

575, 

52 

141* 

15 

197* 

341* 
251* 
24k 
14k  - 

191*  • 

17lg 
577*  . 
41  ! 

231*  j 
23U  ! 
217*  I 
289*  * 

22k  r 

ZHi 


Xerox 66  I 661, 
Zapara  — — ..  13k  i 15k 
Zenith  B*dio..._  325,  | 329* 

ChlleS*  1993 ' t91  I 901, 

U.S.Ttm».«re»  192  ! 191 

ESTnMrtHpfoffil  1661*  1 86k 
CJ5. 90  day*  UUsj  5.13*  [ 5-13* 


CANADA 


Abbey  Glen  Plop;  6k 
AWtibi  • Paper-  ..7  129g 
Aanicn  &gJe.. — ] 3.40 
AicanAlonviniuini  276* 

Alggonw  Steel 251, 

Asbestoa 323* 

Bank  Ucatreal—  15S, 
Bank  Nora.  Scotia  43 
Baric  Resource*..  91* 
BeU  Telephoiw-.  48 
Bow  Valley  Iads.|  265, 


ConiiMBriiank  _.  .1 
ContLGommi— 

Dalmtoc 

Don  tsebe  Bank — j 
Drerduer  Bank — I 
Dycfaeriml  Zemt. 

Gnteboffnnng  — J 189  | — 1 

Hapog  Uoyd 117.5:+ 1 

Harpeoerl  Dm  KXD  162  1 

Hoechri ! 140^! +0^ 

Hoesch I 59  l-r-0.3 

&li  tiolz  CDmfib)]  105  Ll 

Rsmutt 384.5  +5.5 

Koufhotf 246  i+4 

Kfcckner(DmlOCn|  126.5  +5 
Klock  Hnmboit—I  160  . 

fimpp  Prf  DmllOj  12I;5)+1.5 
Eamtencredit  Bkj  274  +3 

lands. [ 212  +0.5 

XxrwenbranD  5000,1.820  

Lnfthoa** : — | 98.5+0.7 

M-A-N 170.5—0.5 

SCeajnanji  Dm  1OT  358  + 05 


160  

1215  +15  { 
274  +3  !• 
212  +0.6 


Genera  H. 

Invests 

Italeementi 

I taiga* — 

Italrider ; 
LnContrale — .— 
Meirill  Ureoie — 

MmHohanra 

MondadoriPrir-. 

Montedison 

Uotta 

OKrett.  Priv 

Pirelli  A C 

Pirelli  Spa- 

KAA 


Metaigelscha  Et  — I 240  - 

MnndL  Bndrem.  429  +' 


BP  Canada. ; 

Braacaa  

Brinoo — ; 

Calgary  Ptraer...* 
Canada  Cemenl..i 
CanadaX/WUod1 
CanlmpBnkCom 
Canada  Indus... 

Coo.  Pacific 

Can.  Psi-iBc  Inr.t 
'Jan.  buper  Oil... 
Carllug  O'Keefe. .! 
Caaslar  Ariwsto*.., 


fiackrwa,  429  +4 
oonn- — j 90  —1 
eDnulCtt  145.5-0^ 
- 154.5  —2-8 


aZpjXTZTJ 

S.T.K.T 1 

SduVIbocmb — 

Sac.  Gen.immotx.1 


42.500' — 7l0r‘»ui 
2,197) — 11  81 

20.450} — 110  30* 
773  1+13  - 

410  j+4 
8,6051-236 

455  I 

69,000  ~1, 106 

980  I 

415  f-7 
940  1—10 
■ 1,021(4  9' 

1,567, — 15 
l*&3lUl‘ 
713Oa-LS06! 
eo^zsj— 2-88 

6.&O0}— 30 
1.68U-9  . 
1,3601-77 
140  \~A3b 


1^00  1.5 
120  12.1 


70  | 6.9 
UO  7.0 




Coos.  GnWiieHa  Aust. 

Oooiainar  i&l) - 

Cop  rifle  KJotrata - 

Caeudii  AiMtmUa  (25c).— 



p;  k L^c) 

Gtan.  Property  Tin*t__ 

Hamerriey— — 

Hooker.-... 

LCJ-  AmaraUa 


ffttKiSdSITV 

Sown  Vaal  - .... 11 1 

Cold  Fhdth  64 

Untoa  Conwrattan  — ^i_  -! 

Pe  Beers  Deterred 
Blyvoorakridii  -■•■7  ; : 

Ea«  Hand  Pty. - ' 

FTbc  State  Gedutd  — — - 
President  Brand  ‘ -- 
Pxerideot  Stem 


IHD05TBIALS 


*1-59  H-?*  I African  Explos.  andXbem. 


ML,S  Ansto- Alpha  Conmt  ; 
Ansto-Amer.  Indnatilar 

-HOI  CNA  Inveatmeciir  . 

Carrie  Finance  — 

-«-**  De  Beers  Industrial 
— Edgars  Consolidated  mv. 
~~  Edgars  Stores  L. , 


|+“- J?  Ever  Bandy  Sa""!. 


200  3.o ; 
180  1.0 1 


InL«r^Oinoi»r_.  . ..  • -| 

Jandnca  Indnstrim i - f L73  . 

Joriee (David)- — ,• .1  - fL24  -MID 

ll^isaryflxMkn. J :0-68  — 

HIM  HoIdW._ . 12.70  

HyWBmporfnn, : - 12j62  rtH 

Now* — — „j  ta.45  -a.a 

Nkfaola&lmernaUanal : . 10-70  -0.6 

Jfartb  Broken  Hill ; t2.35  +0JS 

UaitM-idso- — .- . fias  

Oi)  tieMch- . 1O.14  ' 

Pioneer  Concrete.^.—,.--]  . tlJIS  -J)j)! 

Reckitt  S.  l alnaa :3.75 

H.  C.  Sleigh  . 10.65’  ’■ 

BoOtUand  Mining  yO-44  va.a 

Stocks  & HoJdlng*..-— “V.IO  -OdH 

To«B  »l).A. — ^.j  .-11.98  1+OJJI 

Walfcma-- tl.14  W>-°’ 

.Weatem  Minhig  i60  reintn  t2.0»  wUM 
Woolwortba _j  iliBO 

Tokyo?  . .T. 

•Prtaea,  + or  DivJTldT 
. Aiqj-IB  , yen  \ % 


fibeinWwtWKtJ  154.8  -X 

SSSf— H 2SJ*S 


BRUSSELS/LUXEMBOUKG 


*9emena 1 283.8—0.8 

Bodnicker — I 262.5,-0.5 

Thyaren 126  A— 0.2 

Veretn  3 ffertBfc  310  * 


Aug.  18 . 


Dtv-  [ 

Pnce  +or  Fre.  iTW. 
Pra.  — Net  % 


ChMtan  Dev 

Cominco 

IVrnt.  Bathurai  ..[ 

Cnnnmcr  Gu I 

Costaifl  Rich. > 

liras  Keootncw.! 
Denlaoallinea.... 

Dome  Mines. \ 

Dome  Petroleuml 
DomrnioQ  Briden 

Dorntar ...: 

Dupont I 

Falcon’ go  Nickel.. 


!+■  or  | DivJTliL 
I — I Fra.  I S 


Ford  Motor  Can. 

Censtar  ] 

Giant  YeTv  knife! 
Gulf  Oil  Canada. 
Hawker  SiiL  Can.' 

UoUiojter.. I 

Homo  Oil  "A" 

Hodeon  Bay  Msg. 

Hud-on  Bay | 

Hudson  DU  4 Ga*1 

LA.O I 

Intavco 

Imperial  Oii | 


Alrlgue  OcaidVtej  395.1—4^ 

AirUqnMn 350  +2.6 

Aquitaine 319.6  — 0.8 

BXN.Gerrai._l  837  '-7. 

Oarrefour — 1,401.  1—16 

Chorgenr*  Rooms  178.lL , 

Citroen  — 52  I— O JB 

CieBenretre 225  -11 

C.GJ*. 284.B> — 0.4 

Cred  UCom  Prtice  104^!.- 

Credit  Fourier.—,  300  Jt,_ 

Denai  N.B . 94.6;-0^ 

Fr.  Petrol  bo | 108.5)— 0.4 

GaL  Le  layette j 67  I 

Sen.  OcddsataJe.)  173  J—U 

Imetal mi.lj— 0.5 

Utaige 1 196.5) — 4.5 

L'Onra/  - — r 907  - 14 

Mm*  Uusa  Bull 3S.e— OJt 

Mjtche!in*<B’,„...(  1.519.. 

Moot  Benneorey-I  500  —4 


19.81  SX) 
16.5}  4.7. 
82.51  7J2. 


57.8!  5 JB 
57  4.0, 
16.5)  8.2  | 


Artied -13,955 

BBLBqBrc  lamb!  1.720 

He  tart  “B" -12,096 

UBL  (C3eBr£ainb)jL850 - 

ILHfi— ®emeor — ! 1. 595 

Cockerli 802  ' 

8JSJC.5 — — J 1,970.- 

KtartroheL. 3,980 

Pahrigue  Nat 1330- 

03.  ImKKBm.  „ 1.660 

Glace  St;  Bocfa 33+5 

Hoboken  3315 ' 


1+35  ,150  j 3.7 
h-s  i 40  ; 2.4 
105  ; 6.0 

.110  I 5.9 

+ 15  J 75  | 9.4 

^50  ’161  ■ 73 
+70  (4J0  6.7 


■rmroina I 

. La  layette j 

t.  Does  dental  e. 

rtal I 

my, 1 


108.5|-0.4  j 

67  I 

1733-13 

xao.iL-o.s 

196.5; — 4.5 


^L2  83 
853  8.4 
K}3|10.1 
294  B.7 
1475793 
15.6(14.4 


Mjtche!in“B’*.„..|  1.S19i.,..— _ 
Moet  ELeanearey-i  500  —4 

, Psribe* J 153.51—13 

Peohlney 94.2,  + 0.1 

I Peugeot!  Pra.TO)—]  260.61-0.6 


7.5s’  3.4, 
4.96  r 3.7 
15751  8.1 
16  | 1.7 
1.6  -43 
27V  2.1 

1L8  2j4 

18k ! 10.7 


+70  1400  6.7 
-10  - , • 
-5  - 70  43 

-90  50  13 

]llO  | 2.6 

^5  129  I 8.5 

346  4.0 

286  5.7 

+ 10  SL1N  2.9 
j.  tn  ito  I -t 


346  4.0 

[286  5.7 

+ 10  (52.I61  2.9 
+ 10  Jl70  3.5 
-^4  1 7B  I 6.4 
+40  275  I 5.5 
—16  176  I 7.1 
-15  175  | 6.8 

+5  “ll?0  j 7.1 
—25  J150  5.7 
-16  fl2fi  5.6 
-2  |-70  6.8 
+3  ISO  83 

..--—I  20  5.2 


Pederale  VrikabetoggUHB.i 
tLTO  -HLOa  Glen  Anil  Development  'V  ' ' 

TLto  Grextenn^ns  Stores 

w-«w  — Guardian  Assurance  (SAJ-  ’ 

11,72  BnletW. . 

tL24  +0.01  W'A  ■ 

:038  McCartlar  Bodway 

12.70  

1232  +035  OK  Bazaars  .... 

12.45  -9.04  Premier  Mill  tog 

10.70  -0.08  Pretoria  Cement  1;..V„.'-..V  - 

12.35  +837  Protca  Holdlnjis  

tlJ.6  - Hand  Mines  PropertiM  - V- 

t0.1+  ' , Rembrandt  Group  

1133  -0.02  Hrtca  ..  

13.75  5“**  .Holdings  ,7  • 

10.66'  ■ ..;...  fiAPPI  - ; . 

10.44  +0.01  ^-  C.  ' Smith  Sugar  . — - 

:4.io-  -OJB  ! 

11.98  +031  SA-  Breweries  •..  —.  _ ...» 
tl.14  1-0.01  «*wr  <kt»  and  Nai.  Milte  : . 
t2.08  +030  ^nttec  • 


Aflahj  giew— 322  |— 8-  ] 14 

ObCOC '.432  — 8 

Dei  Nippon  Print  _ 499  ...  IE 

PhJ  Photo  Pthn-  605.-. K 

BBaritP- — U. 2X9  ' —2  "I  'Id 

Honda  Motor*. — . 710  18 

c.  ikon — — _ aao  -.7  12 

Dd-Xokado 1.710  . 30 

Japan' Airlines...  1,930  +10  - 

■h'mral  Wect.Pw.  683  .1 — 9 

KisBalta:-. — ■ 431  r— 2 18 

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MaMpahitaTmt-j  669  + 2 20 

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ARMING  AND  RAW  MATERIALS 


v r • ^ '*■  +s A 


Nfigmtre 
Ijl 


‘jw  Commodities  Staff  . 

.t  cT  ■ ■ PRICES  . reifraftied' 
. steady  at  the.  second 
^ the  Australian  1876-77 
season.-  The > opening,  day 
Fremantle,  auctions  saw 
...  £between.-2.5  per  cent.  to 
4 gent  higher  than  the  close 
*r-  ^ season.,  while  lam b:  wool 
^ ‘ \p er  cent.  dearer.  •:**>£  j_ 
".V’i&ide  took  - 98  - per  . cent. 

■• ■- *'  ft)0.  bides . on  offer; ' 2 .per 
, " • rere  passed  in  and ' the 
•Sfij  Jhn  Wool  Corporation. 

\ no  . purchases  at  ;alL 
. ...  of  the  second  day  of  .the 
" »..-ne  and  Sydney- auctions 
*.  maintained  with  little 

>J  .sripport  from-  the  /Wool 
I’ tion- 

-While  the  Bureau  -of 
• aarad.  Economics  in  Can- 
; (recast  that  total  Aostra- 
:."r  • / joTv  exports  this  Iseasoq 
.*■  i-ise  to  828.5m.  kilos-  com- 
■ ith  -below  720m.  Ml  os  in 

i ureau  said  world  demand 
- 1 is  expected:  to  ’streng- 

; ; It  forecasts  ■-  that  the 
greasy. auction  price t for 
. ; season  will  increase  to 
•\ ' ;•  s a. kilo, -against -143  cents 
. o ily.  This  . reflects:  ex- 
: ns  that  substatnial  sales 
~ “ nade  from  the  Australian 
Corporation  stocks,  the 
7 ,.  commented.  . 


Census  confirms  U.K.  farm 
expansion  trend 


-BY  JOHN  EDWARDS*  COMMODITIES  EDITOR 


BUT  FOR  the' drought,  agricul- 
tural. production  in  England,  and 
.Wales' would  .have  been  expand- 
ing, fast -judging  by  rbe  /result 
.of.  the  June  census  for  farm  pro- 
duction issued  yesterday  by 'the 
Ministry  of  Agriculture.  , The 
census,  .which  was  delayedi-as  a 
result  of  metrlficaiion.  shows  that 
wheat  plantings  rose  by  a -mas- 
sive j 20  per  cent;- to  reach  the 
highest  level,  equivalent  to 
nearly  3m-  acres  (1^13.0001 hec- 
tares), ' since  1878 — apart  from 
the  special  wartime  inspired  in- 
crease In  1944-45.  *•" 

The  increase  in  wheat  acreage, 
inspired  by  the  ideal -conditions 
for  - planting  winter  wheat  last 
autumn,  helped  Just  offset 'a  10 
per  cent  decline  in  barley  grown. 
But  the  impact  of  the  drought  on 
yields  means  that  there  t&  bdw 
unlikely  to  show  much,  if  any. 
increase  on  last  year’s. -actual 
total  cereals  production  of  some 
14m.  tonnes,  2m.  tonnes  below 
the  record  1974  harvest  : • 


Poor  yields 


It  Is  also  hoped  that  the  in- 
creased plantings  of  potatoes,  up 
8.6  per:  cent,  and  sugar  beet,  up 
-5  - per  cent,  will  help  maintain 
production  levels  overall  despite 
the  poor  yields  resulting-  from 
the  drought  A big  rise  in  stocks 
of  hay  held  on  Farms  in  June,  as 
a carryover  from  the  previous 
crop,'  should  help  the - fodder 


situation  from  the  pressure  on 
supplies  being  exerted  by  the 
lack  of  grass  and  the  need  to 
switch  animals  on  to  winter  feeds 
much  earlier  than  usuaL 

But  Dr.  Keith  Dexter,  director 
general  of  the  Ministry's  advi- 
sory and  development  service, 
warned  farmers  that  they  should 
prepare  to  deal  with  an  eight- 
month,  instead  of  five-month, 
“ winter  " season  and  this  meant 
they  must  eke  out  fodder,  sup- 
plies carefully,  as  - well  as 
planning  extra  - supplementary 
feeds  from  concentrates,  to 
make  up.  for  the  lack  of  grass. 

In  fact  the  census  showed  that 
land  left  to  bare  fallow  fell  to 
its  lowest  recorded  level  ever 
of  50,000  hectares,  against 
125.000  in  1975  and  58.000  in 
1974,  and  most  of  this  shortfall 
was  accounted  for  by  increased 
plantings  of  new  grass,  unfortu- 
nately in  the  worst  possible  year 
as  a result  of  the  drought.  On 
the  other  hand  straw  was 
described  yesterday  as  the 
**  crop  of  the  year  ” and  this 
should  also  aid  fodder  supplies. 

A rise  in  oats  plantings  was 
achieved  primarily  in  the  South 
East,  and  was  attributed  to  in- 
creased demand  from  the  rising 
horse  and  pony  population 
around  London,  as  well  as  better 
yields  from  oats  making  it  a 
more  profitable  crop  to  grow. 

On  the  livestock  side,  the 
census  shows  continued  expan- 


sion— with  a rise  of  8.4  per  cent, 
above  June  last  year — in  the  pig 
breeding  herd,  augering  well  for' 
fuTurc  supplies  of  bacon  and 
pork.  However,  it  is  felt  that 
recent  profit  setbacks  may  cause 
the  pig  herd  expansion  to  ran 
out  of  steam  soon. 

The  dairy  herd,  somewhat  sur 
prisingly,  showed  little  change, 
but  the  beef  herd  declined  by  a 
further  8 per  cent.  . compared 
with  last  year,  suggesting  that 
beef  supplies  may  be  in  shorter 
supply  in  the  none  too  distant 
future,  although  trends  in  cattle 
take  some  time  to  develop  or 
change. 

Encouraging  rise 

Although  the  sheep  breeding 
flock  fell  by  1 per  cent,  there 
was  an  encouraging  rise  in  the 
numher  of  Iambs.  The  egg-laying 
flock  was  up  by  2.3  per  cent., 
but  the  number  of  growing 
pullets  fell  by  over  4 per  cent. 
Somewhat  surprisingly  in  view 
of  the  recent  increases  in  chick 
and  poult  placing,  the  total  num- 
ber of  broilers  declined  by  2 per 
cent  although  it  Is  felt  this  may- 
be corrected  later  when  more 
detailed  figures  are  available. 

The  census  indicated  a renewal 
of  the  trend  away  From  renting 
to  land  owning  and  a continued 
decline  in  the  number  of  regular 
farm  workers,  although  seasonal 
or  casual  workers  employed 
increased. 


* metais  Recovery  in  soya  futures 

Staff  ■ V - •/ 


*r'  Commodities  Staff 
'/■'  10LD  price  fall,  and. 
...i  in  silver  and  grams, 
d the  London  base  metal 
- j yesterday.  -But  buying 
at  the  lower  level 
__  a quick  recovery  " and 
■--winded  the  day  marginally 
t some  cases  and  slightly 
in  others.  \ 

• -~5r  cash  wi rebars,-  for  ex- 
1 -./closed  £3  lower  at  £85425 
■■■u  while  cash  tin  was  £6.5 
' 1-E4.4I9  a tonne  despite -a 
'./V.  .fall  in  the  Straits  tin 

- overnight.  -■;*  ' : . 

r i-  Penang  price  has  1 now 
.'i  ■ by  SM50.  to  under 
' a picul  in  less  than  a 
ut  some  traders  feel  that 
-:ent  fall,  may  .have  been 
ie. 

.-and  zinc  values  held  firm. 
':-=as  buoyed  up  by  reports 

is  urner  demand  from 

- Europe.  Farther  U.S. 
■^'ice  increases,  announced 
j more  producers  yester- 1 

- rig g ere d off  suggestions 
...e  European  producer  price 
T be  affected  too,  although 
r-hot  aHU-S.  producers- barn 

- ~p  to  the  40  cents,  a pound 


BY  RICHARD  MOONEY 

PRICES  ON  the  London  .soya- 
bean mal  futures  market 
recovered  quickly  yesterday ‘liter 
Initially  reflecting  the  sharp  over- 
night falls  in  Chicago.  Values 
opened  the  £5  permissible  Iim It 
lower,  but  were  soon  only  around 
GOp  down.  At  the  dose  most 
positions  weje  £Ih0-£2.50  lower 
on  balance.;.  -Opening  prices  in 
Chicago  were  also  higher  though 
they  eased  back  a little  in  early 
dealings. 

Tuesday  /night’s  sharp  fall  in 
Chicago  had  been  based  on 
rumours  that  the  USSR'  bad 
cancelled. an  order  for  U.S.  soya- 
beans.. And  the  subsequent 
recovery  was  thought  to  be  due 
to  the  absence  of  confirmation. of 
these  rumours.  Mr.  Richard /Bell, 
assistant  secretary  of  the  U.S. 
Department  of  Agriculture'  said 
he  was  not  aware  of  any  cancel- 
lation by  rhe  Soviet  Union. 

In.  the  U.S.  recent  reports  have 
forecast  more  rain  for  the  Middle 
■West,  the.  Northern  Plains"  find 
the  South-East,  wbichahtuddJ^lp- 
the  soyabean  crop.  -At  the  same- 
. time  the  Government  has  noted 


a fall-off  in  export  inspections. 

In  Rio  de  Janeiro  meanwhile 
trade  sources  said  they  expect 
most  of  Brazil's  crop  increase 
next  year — estimated  at  1.5m. 
tonnes — to  go  for  export,  mostly 
in  meal  form.  Government  plans 
for  the  compulsory  use  of  5 per 
cent,  soya  flour  in  all  bread  from 
next  March  is  not  likely  to  reduce 
the  export  surplus  much. 


Brazilian  beau  exporta  will 
probably  remain  at  around  4m. 
tonnes  next  year,  the  trade 
sources  said,  leaving  about  7.5m. 
tonnes  to  be  crushed.  This  will 
produce  about  4.4m.  tonnes  of 
meal  for  export  after  subtract- 
ing domestic  needs.  The  Bank 
of  Brazil's  initial  export  ceiling 
for  this  year  was  3.5m.  tonnes. 


Australian  wheat  crop 


BY  OUR  COMMODITIES  STAFF 


THE  AUSTRALIAN  wheat  crop 
for  1976-77  is  expected  to  fall  to 
10m.  tonnes  from  12.02m.  tonnes 
in  1975-76.  according  to  the 
Bureau  of  Agricultural  Econo- 
mics in  Canberra. 

The  Bureau  said  the  area 
under  wheat  is  8.7m.  hectares 
against  S.6ra.  hectares  previously. 
But  a spokesman  for  the  Bureau 
warned  that  the  forecast  was 
prepared-in  June,  before  the  full 
details  of  plantings  in  the 


drought-affected  wheat  belts 
were  available 

Two  weeks  ago  the  Australian 
Wheat  Board  estimated  the  crop 
at  only  7.75m.-Sm.  tonnes  and 
export  availability  at  5.5m. 
tonnes  The  Board  meets  again 
to-day  to  review  the  latest  avail- 
able information  on  planting  and 
will  release  an  up-dated  “guesli-1 
mate  " of  production  and  export 
availability  after  the  meeting. 


New  lows 
in  sugar 
market 

By  Our  Commodities  Staff 

SUGAR  VALUES  on  the 
London  terminal  market  fell 
to  six-month  lows  yesterday. 
The  Tall,  which  followed  a rela- 
tively steady  opening,  was  attri- 
buted by  dealers  (o  Tuesday’s 
easier  markets  in  New  York 
and  Chicago.  By  the  close  the 
December  position  was  £6.45 
down  at  £160.875  a ton.  In  the 
morning  the  London  dally  raws 
price  was  fixed  £1  lower  at 
£142  a ton — equalling  last 
week's  14-month  low. 

Crop  news  Issued  yesterday 
Included  reports  of  rain  hitting 
production  in  Italy  and  Brazil, 
an  almost  average  beet  test  In 
Denmark  and  a forecast  of  a 
higher  Australian  crop. 

Rainy ' weather  all  over 
northern  and  central  Italy  Is 
hampering  and  even  baiting 
beet  harvesting  especially  in 
(he  major  growing  areas  of 
Polesine  and  Foligno.  But  no 
damage  estimates  are  available 
yet. 

In  No  de  Janeiro  meanwhile 
trade  sources  said  Sao  Panto 
slate  has  lost  between  10  and 
15  per  cent  of  its  current  sugar 
harvest  because  of  excess  rain. 

I The  crop  could  be  lower  than 
60m.  bags  (60  kilos  each) 
against  expectations  of  69m., 
they  said.  There  are  also  fears 
that  farther  amounts  could 
have  been  lost  in  hail  storms 
last  week. 

In  Canberra  .the  Bureau  of 
Agricultural  Economics  has 
estimated  1976-77  sugar  pro- 
duction at  3.36m.  tonnes  against 
2.85m.  io  1975/76.  Exports  are 
forecast  at  2.45m.  tonnes  com- 
pared with  2.01  m. 

An  Indication  of  the  world 
supply  position  was  given 
yesterday  by  sugar  statistician 
F.  O.  Lleht.  In  his  third  esti- 
mate of  the  1975/76  world 
sngar  balance  Lfcht  pals  final 
stocks  at  20.329.000  tonnes 
against  17.4S9.000  In  1974/75 
anrl  15.843.000  in  1973/74.  The 
“bearish”  implications  of  this 
estimate  were  instrumental  In 
pushing  London  and  New  York 
to  new  lows.  Downward 
pressure  was  al«o  provided  bv 
news  that  the  FEC  Commission 
bad  authorised  the  sale  of 
11,750  tonne*  of  white  sugar  at 
its  weekly  exnort  fender— the 
largest  amount  for  some  time. 


Target  date  for 
H.K.  futures 

By  Our  Commodities  Staff 
TARGET  DATE  for  the  planned 
opening  of  the  Hong  Kong 
Commodity  Exchange  has  been 
set  for  some  time  in  the  first 
quarter  of  1977.  a spokesman 
for  the  consortium  sponsoring 
the  project  said  yesterday. 


FRUIT  PRICES 


Poor  start  for  U.K 
apple  growers 


IN  THE  face  of  unusually  heavy 
supplies  from  various  sources 
the  English  apple  marketing 
season  has  got  off  to  a totally 
depressed  start.  The  season, 
which  got  into  its  stride  last 
week,  was  a couple  of  weeks 
early.  In  addition  to  this  the 
Southern  Hemisphere  apples 
(from  New  Zealand.  Australia 
and  South  Africa  1 have  hung  on 
a bit  later  than  usual  and  there 
are  still  plemy  of  tired  French 
Golden  Delicious  about  after 
being  in  the  cold  stores  for  the 
best  part  of  a year. 

These  factors,  coupled  with 
the  start  of  the  new  French 
Golden  Delicious  season  last 
week,  are  responsible  for  the  low 
price  at  which  English  fruit 
starts  the  1976  season.  For 
example  growers  of  the  English 
Discovery  variety,  who  were  paid 
I5p  a lb  by  wholesalers  at  the 
beginning  of  the  1975  season,  are 
having  id  be  content  with  9-10p  a 
lb  this  year— despite  their 
heavily  increased  costs. 

Rigid  quotas 

Until  Britain  joined  the 
Common  Market  apples  and  pears 
coming  on  to  the  U.K.  market 
consisted  of  Southern  Hemi- 
sphere fruit  during  the  summer 
and  the  home  crip  augmented  by 
imports  from  Northern  Hemi- 
sphere countries  during  the 
British  growers  season. 

To  protect  the  UJC  grower 
the  Government  imposed  rigid 
quotas  for  this  fruit  after  the 
war  giving  the  home  crop  fairly 
comfortable  domination  of  the 
market  This  meant  that,  so  long 
as  the  quotas  remained  the  same 
the  home  grower  had  a good 
price  in  a short  crop  year  and  a 
lower  one  in  a full  crop  situation. 
In  those  days  the  estimate  of  the 
home  crop  was  the  vital  factor. 

Now.  with  increasing  liberalisa- 
tion of  imports  from  our  EEC 
neighbours,  especially  France, 
and  no  protective  quotas  the 
interpretation  of  the  home  crop 
oosition  is  different. 

Under  the  former  quota 
system,  importing  wholesalers 
who  held  quota  licences  could 
make  fortunes  in  short  home 
crop  years  and  do  very  well  in 
normal  years.  Now.  when  the 
only  impediment  to  floods  of  the 
French  Golden  Delicious  apples 
on  to  the  U.K.  market  Is  a 
trifling  compensatory  payment 
during  our  EEC  adjustment 
period,  importers  and  home 
growers  face  a very  different 
situation. 

The  number  of  apples  coming 


BY  A CORRESPONDENT 

on  to  the  U.K.  market  depends 
not  so  much  on  the  size  of  the 
crop  in  this  country  as  on  the 
quantity  available  in  France, 
which  can  be  sent  here.  And 
since  in  the  past  five  years 
French  crops  have  been  swelled 
by  large  numbers  of  growers 
settled  and  subsidised  by  the 
French  Government  when  they 
left  Algeria  and  returned  to 
their  native  land,  this  is 
enormous. 

The  home  fruit  grower,  then 
has  been  left  with  a Situation 
where  he  has  to  be  very  efficient 
indeed,  getting  his  costs  of  pro- 
duction and  marketing  down  as 
much  as  possible  aod  where  he 
has  to  .choose  varieties  of  fruit 
which  will  be  more  acceptable 
to  the  British  housewife  than 
the  French  Golden  Delicious 
which  is  now  our  chief 
competitor. 

He  has.  in  .fact  done  both.  For 
the  past  10  years  the  future  of 
the  home  domestic  market  has 
been  pinned  on  Cox,  acknow- 
ledged as  the  world's  supreme 
dessert  apple  and  which  only 
grows  to  perfection  in  our 
coolish  northern  climate,  and 
on  the  unbeatable  cooker — 
Bra  m ley. 

Coupled  with  this,  growers  here 
-have  grubbed  with  Government 
belp  extensively  the  older  large- 
treed  orchards  and  replanted 
them  with  intensively  - planted 
small  root-stock  trees  which  can 
be  brought  into  bearing  sooner 
and  managed  with  greater  ease 
to  give  much  greater  yields  for  a 
given  area. 

Home  growers  have  improved 
their  quality  with  grading;  pack- 
ing and  presentation  have  been 
sharpened  and  their  product 
given  its  right  emphasis  in  the 
shops.  This  has  been  achieved 
with  some  Government  help  by 
grouping  into  co-operatives 
which  can  organise,  the  market- 
ing and  promote  branded  fruit 
and  by  the  formation  some  years 
ago  of  the  Apple  and  Pear 
Development  Council,  a statutory 
body  set  up  at  the  request  of 
the  industry,  whose  job  is  to 
organise  promotion  for  home 
fruit  by  a levy  collected  from 
every  grower. 

Storage  has  been  developed  to 
allow  the  home  crop  to  be  held 
for  many  months  in  first-class 
condition  so  that  supermarkets 
and  larger  stores  can  be  supplied 
with  a guaranteed  branded  pro- 
duct over  most  of  the  year. 

This  has  proved  that  the  home 
fruit  grower  can  remain  viable, 
but  it  has  not  overcome  the 


problem  of  the  French  fruit 
which  must  go  somewhere  and 
which  also  is  well  graded  and 
stored  for  long  periods.  (There 
are  still  400.000  toos  of  Golden 
Delicious  in  store  in  France 
from  last  season.) 

Backed  by  the  French  Govern- 
ment which  contributes  franc  to 
franc  to  promotion  costs  (and 
sometimes  more,  it  is  alleged) 
the  flow  of  apples  continues  into 
the  U.K.  with  the  once-premium 
price  decreasing  steadily  and 
the  importing  wholesalers,  who 
must  pay  firm  prices  for  the 
fruit,  getting  into  steadily  wor- 
sening straits  as  their  margins 
are  squeezed. 

Coupled  with  this  is  the 
present  position  of  sterling  which 
takes  the  form  of  a welcome 
tariff  for  the  home  grower,  but 
a millstone  for  the  importer,  who 
may  have  to  purchase  his  francs 
several  months  ahead  as  well  as 
paying  a firm  price.  His  profit, 
therefore,  more  often  than  not 
is  based  purely  on  his  ability  fa 
currency  dealing  rather  than  bis 
sales  of  the  fruit. 

Good  prices 

Against  this  background  the 
home  grower's  position  is 
steadily  improving.  He  is  being 
wooed  by  the  wholesale  trade 
ever  more  intensively  and  his 
fruit  is  now  being  exported  in  a 
smalt  way  to  Europe  at  good 
prices. 

So  the  calculations  being  made 
now  on  this  year's  crop  (and  the 
present  drought  with  Its  effect  on 
fruit  trees  is  making  this  diffi- 
cult)— although  not  so  vital  as 
they  were — are  still  very  interest- 
ing. 

Latest  estimates  are  that  this 
season  Cox  should  be  around 
130.000  tonnes  of  production  and 
Bramley  90,000.  These  are  down 
on  average  and  the  weight  mar- 
keted will  be  somewhat  less  to 
allow  for  grading  out  inferior 
specimens. 

BRUCELLOSIS 
ON  WAY  OUT 

Good  progress  is  now  being 
made  in  eradicating  brucellosis, 
according  to  a survey  by  the 
Milk  Marketing  Board  Veterinary 
Research  Unit  at  the  end  of 
June. 

It  showed  that  almost  three- 
quarters  (73  per  cent.)  of  the 
dairy  herds  in  England  and 
Wales  are  now  accredited  and 
that  South  Wales  has  more  than 
90  per  cent  of  its  herds 
accredited. 


OMMODITY  MARKET  REPORTS  AND  PRICES  „ M 

; E METALS  : ■ ■ «I*27L2*Bi  ,,TA,K5  COCOA  KJVV AHS  ST  « £R 

JUtot-*  on  U»  London  Srti.  Tnroorer  1SJTI  loooos.  aMglf*  JP  ,™"L  S?M  'S’™  S’1"'  !“*»«.  over  narrow  ramie  10  sS^Mardi^Tfl.  ^ay  sS!?  to^MA*  YMa^MtlMo  M.S .**  3M‘  ** 

■ M?nrt»bMSiffItoS« Comtt  Amalgamated  Metal  Trading  reported  time Ticter™  physical  business,  thought  to  ^E^eports  'gS? *31^ DWFua."  prwl,KU  85-10.  Biitaera:  S«g>L  fa  dL  <J n^ioo-i^lbS’  XO  w 3?o  lbs 

“h.  “L”“ ?5,that  In  U»  morning  cash  wlrehars  traded  have  been  on  U.S.  account.  later  caused  ^ 78.00-77.70.  Jan.  M.75-M.tif.  March  83-lte-  “MSO  to  34.0.  1M-1M  lbs 


COCOA 


No*.  7B.sO-79.15,  Jan.  82JIM1Z5.  March  M.o:  Scotch  medium  36.0  to  38.0.  heavy 
84. 60-84-15.  May  86.9OS6.60.  Sales:  368.  34.0  to  36.0.  Imported  amen:  New  Zra- 

Barlcty,  steady.  Closing:  Sept.  75.10,  land  PL  41.0  to  41.5.  PM  38.0  to  38.8.  PH 


bl  ndeMnM  of  Corner  Amalgamated  Metal  Trading  reported  Dine  before  physical  business,  thought  to  a„Cr  repor 
^ Aa  SS  111  U*3  morning  cash  wlrebars  traded  have  been  oo  U.S.  account.  later  caused  rwOT 

to  tatota  at  S®*-3  ttare  month*  £S7B  to  85.  a recovery  Id  £4.530  by  the  dose  of  the 
;Smi1  at  around  Cathodes:  cash  ISC.  42S.  three  months  afternoon  Kerb.  The.  contango  narrowed  COCOA 

•JwjL  fartitaB  TrU™  !TSIotS  £873 A Kerbs:  three  months  £886.  87.  86.  uwtnt  to  buying  ol  nearby  dates  In  an  Lid- 

men  taiimg  to  -ant,  mop-mas  CaUwt|CB..  mouths  £874.  Afternoon:  ration  of  fnrlher  reductions  In  warehouse  No6  Cntrct! 
i «m-  lx.  m . n.m  . U.  or  - Wlrebarr.  three  months  £884.  86,  85.  stocks  In  the  near  future.  Turnover  675  September' 
i Official  V — UnoNMal  K—  Kerbs:  threo  months  £884.  B1&  85.  .tonnes.  December J 

! — • — ; ; • Morning:  Standard:  cash  £4.410.  08,  Maroh J 


PRICE  CHANGES 

Prtcea  per  H»  unless  otherwise  mated. 

rug.  181  + or  I Month 
1976  j — I ago 


yesterday's  I + or  | 
Close  — 


82.60,  May  35.40-84  JO.  Sales;  188.  38.5  to  33.0.  160-180  tbs  27.0  to  31.0,  180  lbs 

H CCA— Location  ox-farm  spot  prices,  and  over  27.0  to  29.0. 


. August  18.  Peed  wheel:  Esses  £75.10.  Crsnsc:  each  90.0  to  *3.0:  each  48.0  to  Aluminium  (V) |i 

Shropshire  £74.35.  Feed  barley:  Essex  60.0.  Free  Market  (df)...i 

JiO  1526.0-514.0  £74.35,  Shropshire  £13.45.  • Very  high  Quality  produce  In  limited  Copper J 

.76  1280.0-267.0  MARK  LAME— Slightly  heavier  offer-  supply.  Cash  Wire  Ban  (»i. 


| a.m.- 
'!  Official 


1317.0- 25.0  1-6.50 

1270.0- 71.0  (—2.76 

1228.0- 28.0  1+0.50 


Free  Market  (df)...U975.896[ 


1232.0  21q!q  l®*1  ■nd  profit-taking  trimmed  COVENT  CARDEN  (Prices  In  sterling ) 3 munthidn.  rte.  (wiffi8a4.75j—  4.D 


B54-.B  -8  854-.0  - 

.685  6 -L25t  684.5-0'. 
'■*  064.0  —8  .j-  . — . - 

802.5-5^-7.261  848-3 

675-4  -7.25  372.5-3 

■ 043.0  -r-f  - 


■I  reported  below  £880  but  the  a>mite  EJ  - Bi« 

I.  prompted  trade  interest  which.  latai - i . — . 


364.00  1-0.68 


-down  to  082  at  ono  time. 
2.736  loanee. 


LG.  INDEX  01-351  3466  MARCH  SUGAR 159^1 71 


V METALS  CHARTS  • 
ICE  PLUS  VOLUME 

sonceptloa  in  charting  with 
trend  linsi.  A must  for  all 
'!■  In.  msnJs.  Weekly  xt 
03.S3p.a- 

for  free  copy  bef one  you 
mhkribe.  .'  ■ 

RICE  CASTLE  LTD., 
i ten  Way,  Rayleigh,  Enu. 


LEGAL  NOTICES 


£ 

£ 

(tah-, 

273.5-4 

— l.b 

i'njonth.1 . 

284.75-0 

-.078 

tTmenL.... 

J!74 

-1.5 

y.Y.  Spw 

^ 

average  00.49  i90_0i.  near  dose  buyers  values  dropped  to  Tannaniao:  Or-rrofl'Demncnils  3.j»;  0llK^i^“275.'vAV:; gaa-Sa  J- 8,1 

______  £79.00.  Average  sellers  quotations  a lonne  French:  Golden  Dellaous.  new  crop  1|0.  U aas  ni? ] raSfifi/6 

COFFFF  delivered  London- East  Anglia:  wheal  Pears— French:  Per  28  lbs  * imams'  3.30 : “*• C?5‘ 

LV/I  iXL  _ milling  OcL-Dec.  £84.00:  denaturablc  Italian:  Per  puund  Gnyois  0.07.  Williams'  3 OKmths  |g42.46pj— 6.8  2 75. Ip 

Coffee  futures  closed  barely  Steady.  Oct.-Dec.  £BU»;  barley  feed  Oct.-Dec.  0.0M.10.  Melon*— Spanish:  Yellow  L40-  Tin  Caali  .... — JjMIS  +0.5  ^4,802.6 

Trade  sources  said  the  tnartret  dW  not  £79.50.  1.80:  Israeli;  Opens  2.80-3.00.  Water-  a mwtUintig  .....-...£4.521  i— 2.0 

follow  wholeheartedly  steadier  New  York  6EC  IMPORT  LEVIES— Premiums  melons— Spanish:  1.60-1  j3D.  Grapes—  Wolfram  2££41b.dr £88-70.5;.........l«62-6i5 

advices.  They  added  that  attempted  effective  tor  to-day  cm  order,  current  Cyprus:  PtT  18  lbs  Suhann  3JHI-3.10.  Zinc  Lash  - £414  -0.125|£«S1.6 

price  gains  were  pared  by  dealers  levy  plus  Sept.,  Oct..  Nov.,  previous  In  Cardinal  2.90.  Thompson,  per  11  lbs  2.20;  3 months  (a) [£430. ?6r+ O.B  5 

profit-ialdnc.  Arab  leas  were  unquoted  brackem.  Common  wheat— 53.07.  nIL  Spanish:  Per  11  lbs  Cardinal  0.90-1.30:  Pruducerairt J795  l (0795 

and  trade! css.  0.40  . 0.40  > 50.62.  mL  nil,  nli>:  Durum  French:  Alphonse  Lavallee  per  pound  nju  . , > 


1PANY 

ICES 


■ ^ • Morning:  three  months  £282  to  84.75.  Clow  — | Done 

No.  00UB1  of  1076  Kerb:  three  months  £286.  83.5.  After-  COFFEE \ 

In  the  HIGH  COURT  OF  JUSTICE  noon:  three  months  £283.  86.  Kerb:  three  £ per  rnww  ! _ 

Chancery  Division,  Companies  Court.  In  months  £285.  - ■ ; - - 

the  Matter  uf  B1UJNOTONS  (PAINTING  w,,-  TraH„,  September..  1572-77  -6.W  1087-72 

CONTRACTORS;  LIMITED  and  to  the  N-Wmber...  1556-57  -4.661580-45 

Matter  of  The  Companies  Act.  1946.  M ifLf Juiunry 1545-16  -6.001060-33 

NOTICE  IS  HEREBY  GIVEN,  that  a *52£*“i*et  £ March?. 1639-40  -2.601561.30 

Petition  for  Ibe  Winding  Bp  0Mh<?  above-  thJmouieni  b*  (tStagstiiu  »•-▼ 1537-36  -5^1664-36 

ramrt  Company,  by  tte.W  Court  of  ebe  ™ Twtaton  l£  J,,|y 1635-38  -4.W  1063-60 

»h?  rvnirJUnbv  producer  quoutlon  follow-  tiepee«nber_.._  1655 -AO -3jfl 

BU(9nroODM  MORTON^  ARSONS  !££_*«  re2“‘  rise  10  016  U S‘  priw-  Sales:  1.834  (3430)  lots  Of  5 tonne*. 

““.Ji  ........  ICO  -di^r.  “pys 

Scotland,  Carpet.  Manofacturers,  and  ihai  . -B.m.  4-  or  p.m.  j-f  or  pound!.  Colomoun  Mild  Araotca*  iss^o 

the  raid  Petition  Is  directed  to  be 'beard  ZINC  Official  — 1 Unofficial  — t 

before  the  Court  sitting  at  the  Royal  7 — — - { M1?! 

Courta  of  Justice,  Strand.  London.  WC2A  £ „ * . a • * SiSS 


Ywtrirlay,*i 

■+■  nr  j Buainwa 

Clone 

— | Done 

£ per  intuie 

1 

1572-77 

-6.091087-72 

1565-57 

-4.611580-46 

1649-46 

—5.091060-35 

1539-40 

— 2.60  1561-30 

1937-38 

—640H664.38 

1535-38 

-4.00  1063-50 

1535-40 

-3.00'  — 

levy  plus  Sept..  Oct..  Nov.,  previous  In  Cardinal  2.90.  Thompson,  per  11  lbs  2.20;  3 month*  (h)  [£430.76.+ 0.6  (£449. 

brackets).  Common  wheat— 53.07.  ulL  Spanish:  Per  11  lbs  Cardinal  050-1.30:  Produce™  1 VI 8796  10795 

040.  0.40  >50.02.  nU,  nil,  nlO:  Durum  French:  Alphonse  Lavallee  per  pound  Oil* 

whoat — 99.14.  na  nil.  ml  107.16.  nIL  nil.  0.20.  Plum*— Spanish:  Santa  Rosa  per  Cocnnur  Malayan..  ! I 

nU>:  Rye— 38.48,  ml.  2d».  2.00  ) 363S.  oil,  5 kgs.  1.00-1.50:  Italian:  Per  12  lbs.  per  Groundnut 

0.40.  D.40»:  Barley— 24.88.  nil.  ofl.  nil  pound  Blue  0.0>,  Santa  Rosa  0.09.  Giant  » C4B2  . £461 

122.85.  nil.  0.59.  0.591;  Oats— 15.09.  nil.  Prunes  9.09.  Peachev— ItaUan:  A/B/C  Ein»iid  erode  im.-  £466  IIIIH.IIGcvUT 

3.19.  3.19  <13.86.  nIL  nlL  nfl»;  Malw  1-70-?^:  FJ™1*'-  1-30-1.60.  Avocados-  ftlin  (rt..  0431  1 

(other  than  hybrid  lor  seeding)— 36.41,  S.  African:  2.50-3.00.  Tomatoes— Guernsey:  Suva  twin  (ui 1 I 

nU.  1.00,  1-M  (34.80.  nO.  0.81,  o.sti;  0.7M.W;  Jersey:  0.19-0.80.  Onions—  ojvj. 


SSSJSSSd-  uJmm*  K STS*' "ST m “thruTs.  “5K  lots'  CT_  , _ 

sugar 


RTER  CONSOLIDATED  ' 
OVERSEAS'  N.V. 
eo  lo  Nethertanda  AntiUe*) 


2LL  -W  the  lllh  day  of  October  1976.  Cuh_ 413.6-4, 

and  -any  creditor  or  -annrlbutory  of  the  amouth...  430  . 5 
said  Company  'desirous  ro  support  or  JmflDL.,..  414.0 
opposa  the  making  of-  an  Order  on  the  Prm- Went 
said  Petition  may- appear  at  the  time  of  


-B.m. 

OfBcbti 

+ “] 
—1 

. p.m. 
Coafflrkl 

- £ 

£ 

£ 

413.5-4.5 

-.5 

413.5-4.5 

430-.5 

-4 

430.5-1 

414.5 

—.6 

■37^40 

Bpwmher ..  1678-77  -owiovi-te  nut  i.m,  434.80.  ofl.  0.81.  O.SU;  0.70-0.W;  Jersey:  o.tb-ojo.  Onions—  a --j,  | 

■ivemtier...  1566-57  -4-Bftl580^5  Buckwheat- ,U1  nil;  Millet— 35.B1 . nil.  nil.  Maltese:  Per  25  kgs.  2X0:  Dutch:  Per  cSwa  Pblllop  (uJ  ]S310 

ternary 1545-46  -6.001565-35  nil  (33.90.  nil.  Ml.  0.SI>:  Crain  sorghum  2a  kgs.  3.00:  Israeli;  3.00.  Capsicums—  Brtuti  Ntwilnn""  **  ? 

larch 1639-40  — 2.601561-30  nil.  oil,  nil  <38.45,  nil.  nil.  nlli.  Dutch:  2J0:  Spanish:  3.10-SJ0.  rtn^rM  rnSvn  T pin; 

lay 1537-36  -6.6011664-38  Alra  Tor  flowE  Whoat  or  mheed  wheat  eiKrtlsh  Prodow:  Apples-Per  pound  Linseed  Can-  3m.  L £185 

illy  1635-38  -4.001863-60  and  rye  How— 63.65  1 81.621;  Rye  Hour—  Bromley's  Seedling  0.08.  Grenadiers  0.04, 

fPtember..  1535-40  -3.001  — 56.00  1W.4S1.  Derby’s  _a.65-0.06.  _ Discovery  0.06-0.08,  Grains 

V.w  Tku"/*  ism  inra'  James  Grieves  0.04.  Tyderaans  0.06.  Barley  EEC ,£74 

SaJ_es:-  1.534  L3.1g0)  locs . Of  CTTflA©'  Pears-Per  pound  Dr.  Jules  Guyot  OJiS,  Home  Futorea—  £75.1 

oLuAK  WHUams'  0.05-0.06.  Black  bend  os— Per  Malw 

7££n  ^ MlT^A^IraT  MM  LONDON  DAILY  PRICE  (raw  sugar.  V 

— . 1157.001!  mrwaahed  Arablcao  Santos  Fours  042.  DO  iU«.CO)a  too  cif.  ter  A us. -Sc  pc  I SO.  TemateS^  YeUow J 

£ 153.00  t samel;  Rohustas  133.06.  (1IL50).  gWwMOL  WWte  sugar  dally  price  was  ^ hoj  i fhs  ^ro-D.70  CneSSl  t 

■®  *™  iB-n  ■7Sbs  ss  *gsj«*sr^5?^  5 

RUBBER  7SWn'2.,Sa.“1KS."S’^,S  ag-j 

ABOUT  UNCHANCED  opening  oo  the  5?WJ‘ , 1.4M.80.  Heamot— Per  pet  0.86-1.00.  ~ „.  , , „ 


)— 10.0  S340 

1 1 

1 — 9.5  £203.66 


£78 

: — Q.4  £71.4 


Cncmnbers— 


^ Kdrnirur:  three  months  ICS  to  31  to  EEC  riS.'  al SS.  3^  ,*^28  ite  C^SUmneus  WglMB j-8.fi  gl.277 

that  punwac;  and  a copy- of  the  Petition  38J».  Kerb:  three  months  £430.5.  31.  interest  throughout  day.  dosing  uncer-  ?,n i a Plcklers  cocktali  l.«.  Marraws— P«  boa  ^future1  Pee— .....  £1270.6  |— 2.7B £1.154 

V.U3  be  ternished-  toy  thi  wdenlimed  «0  Afternoon:  three  months  £436.  28  J.  30.  tain.  Lewis  and  Feat  reported  a Malay-  15/23  0.6M.SO.  Pataiow-Per  bag  4.30-  Coffee  ahignentfo  ' .--.-.-i  I 

any  creditor  or  contributory  of  the  said  Kerb:  three  months  MM.  29.5.  80.  sign  godown  prlra  of  186  cenu  a kilo  5j nLute  *-»■  Capslcumv-Per  pound  o^o.  Bean  £B&°  _4S  r1,14 


Company  requiring , such  copy  on  pay-  . Cents  per 
meat  of  the  regulated  charge  tar  the  dose, 

sunf. 

SWasUST*  SILVEF 

London,  ^Silver  was  ffi 

B-C-2-  f«l  .spot  deJlvei 

■ ' So  lid  tors  ter  the  Petitioner.  market  yesterdi 


’.Cents  per  pound,  t On  previous  fbaycr*  September) 
■official  close.  4 SM  per  ptcuL  “ — — : 

SILVER  rIs1.  Y-5Sn 


Prevtoos 
day’*  doee 


Bneinem 

done 


tiSSs  awercS,°a‘r,,S  •3#.  Conou-A-  Index 

C.  CMrtuktw  reoom  dMr‘  0.10.  Cabbages—  Per  nets  1^0-2.00.  Cob  «nL  B0J 

C Czarrutaw  reports. nut*— Per  pound  0.35.  Swedes— Per  28  Jute  UABWC  CdJ- 8880 

e“*w,r  „ . , , _ , Hm  approx.  Yorks  1.46.  Devons  J.60.  kale 48p 

Prof  Yeeterdny,s|  Prevtous  Bualuewi  MEAT  COMMISSION— Averaw  latstock  tilaal  EAJLlaj *600 


Antlllec. 

1.976. 


GALLERIES 


London,  -Stiver  was  fixed  6J8p  an  ounce  lower  : — 

B.C.2.  tec  .spot  delivery  in  the  London  bulHou 

Solicitors  ter  the  Petitioner.  market  yesterday  at  235.05p.  U5.  cent  Sept. 

NOTE.— Any  person  irbo  Intends  to  equlvalenta  or  the  fixing  levels  were:  Dot.  > 
Hnpear  <m  the  besrtng  of  the  said  Petition  Spot,  419.4c,  down  10.7c:  ihree-mcath  Oot-Dee 
mnst^  serve  on.  or  pend  by  post'  to.  the  *23 Jc,  down  10 Je;  six-month  43l_5c,  down  Jan-Unj 
^>Qv«^iained  notice  in  writing  of  hla  Inteu-  93c;.  and  12-moath  444.5c.  down  10.5c.  Apr-Jne 
tam  no  to  do.  The  notice  must  state  the  The,  metal  opened  at  237-Z38P  1423-4250  Jly-dopi 
name  and  address  of  tbs  person,  or.  If  a and  twded  to  jnove  In  line  with  gold.  Ora-De, 
arm,  , the  name  and  address  of  the  firm  thus  finishing  the  day  easier  at  234.7-  Jau-U»r 
and  must  be  signed  by  the  person  or  23S.Tp  (419-4310..  Apr-Jnp 

or  his  or  their  solicitor  (II  any*  and  ~rr J — r : : : 


aaaaaaea^^HaMHi  niust  be  served,  or.  If  posted,  must  be 
.1  nett  R.I,  Memorial  txhihi-  U™e  to  reach 

itvrcolours,  Mall  Art  Gal-  above-oamed  not  later  than  four 
> Mall.  S.W.t.  UMlf.lUrd  *>  clot*  In  the  afternoon,  of  the  8th  day 
on.-Fri-  .10-5.  Sats.  ,10-1.  of  October:  1876. 

MiSE  GALLERY  " Conte  mo.  . ■ a ' ; 

-ttaaSIfe?*  BOND  DRAWING 


iJLVKH 

par 

twgr  ox. 

Bullion  - 
fixing  . 
prices 

m.B. 

nknw 

0SOBU..— . 
JnxjnUja. 

230.  OSp 
242.45p 

—046 

-8.S 

235.65p 

£42L7p 

dmoutija. 

Z50.4p 

Lis 

- 

) month  a. 

- 

25 3 p 

.itLmnatlis 

866p 

-fi.fi 

- 

£ per  ton 


6.10.  Cabbanea—  Per  neis  1.80-2.00.  Cob  BB.95  }_a.6  W9.85 

nuts— Per  oound  6^5.  Swedes— Per  28  Jute  LJABWCld)^.  J380  ££80 

Hm  approx.  Yorks  t.46.  Devons  1.60.  4?-8BP 

MEAT  COMMISSION— Average  latstock  hUal  BAiLla) 06M  8600 

prices  at  representative  markets  August  gugar(Baw) £148  —1.0  £176 

13.  GB  rattle  £26J8  per  lire  cwt  f-0.9S):  Wnoltopa  B4«...  Jdlo  B75p  Z71p 

H.K.  sheen  4Llp  per  lb  e.d.c.w.  (—0.091:  Clore*  iMadagaarar  u £3.660 £3,350 

GB  pigs  £4.35  per  sCXw.  (-0.U1.  England  Pepper  White... too  £1.105  —16.0 £1.180 
and  Wales— Cattle  numbers  dawn  16.8  Black— tonl£936  —5.0  £935 


— Oe*. 152.&0-5S.BOIiaaJHl-5aj 0,158.00-55. 00  u"d  Wales— Cattle  numbers  down  16.8  Black— toni£935  —5.0  [£036 

5B.OO-54.5S  Dec 160.75-81.06  I67JES-S7. 40  167. 75-60. 7S  f*1-  cent,  average  £26X1  6 — Z.101:  Sheep 

58. 00-68 J5  Nan*  . 170.0i*-?Bi6  17B,9S-7SJB  17B.9B./D.2S  down  4^  per  cenL.  average  4LBp  <— 1.0»:  • NmataaL  t Seller,  t Dnouuted.  5 On- 

66.7048  JO  iia.y  174.5874  saj  179  60-79  751178  00-76  Ihi  P<K8  amrn  «“-■  average  price  official  dose.  4 Indicative  price-  a Sellars 

61.2S-66.B0  Aui  177.3 TE  oSiSIms  13lBl  «■“  «“«•»*■  Sfemland-Cattle  down  23-3  motefloa. ; b O.K.  and  Camnmmreattb 

— Per  cent.,  average  £27.43  (-6J5);  Sheep  refined,  c Uganda  Robusta  standard  grade 

down  49.1  per  cent,  average  39 -Id  (—6.61:  Indicative  prices  Mombera  UA 

Pigs  down  35.7  per  cent.,  average  £439  dents  a pound,  d Bangladesh  white  ■■  C." 

. Sales;  c ™ 11M4\  tbu.  of  W tonnes,  t+0.07).  h Jan. -March.  vSem.  a Metric  tons. 


B1J&66.60  Aug.....  1 177.00  78*' 

. — Oct. 1180-50-81 

61.00  1^ 


„„  "Sates-  31B  C071  tots  nf  16  iAnSJ!  Sales:  2.790  (3^44)  lots  Of  Ed  tonnes,  t+0.07). 

* j.  ■ ism«mi  — Tate  and  Lyle  cx-re  finery  pnee  ter  IfTTT 

' sraoulalcti  basis  white  sugar  was  £224.00  JUTE 

- S5sb  HM™  ***  DUNDEE-QMOL  Prices  c.  and  L O.K. 

.8  . CEEC^/pORTLEVtE^.F^^hhe  and  for  SeW--°rt-  aMoment:  BWB  £223.  BWC 

« SOYABEAN  MEAL  I St 

;■  zszjnsjrs&.'&sr- 


COMISSIDN  FUNBSAL  I 
KUCTBICIDAD  C^.E. 


» , HS9-1M9  Ua  lo.ooa.ooo  u,  u,  Kerb:  Three  raornhs  242.8. 

- 1 Bends  . for  th?  .mount  of  2-fi-  M.  3-L  33.  3.4.  Aftcntonn:  Three 

* UA  1.000.000  have  bce^tfawfi  on  inonlhg  242.S.  2.7.  2R,  2-2.  3.0,  12.  3J. 
c,  _s__  . . S.197S  In  the  prutena  of  a ZS.  15,13,  2.4.  2J.  Kerb:  Three  months 

orVBfg*"'  f°r  .oewbur  24LA 

rfeswo?»;  Iff  rriSuSS?**6- °*  OOUSOT  ,«S*ASnBS?d?977f  I ["FREIGHTS  . 

Steam"  H?ooRSHoS^*fc'W1’  ' j|s  to  299  -DRY  cargo— Green  chartering  failed 

sex  uMLiMiTED  , Ilia  to  *41?  {!£}•  to  expand.  Marttet  sourcea  said  U woald 

■imoht  aod-i  a.m.  Hcstesw*.  ||13  ™.  .S'’  seem -that  bulk  of  North  European  grata 

Jesad  Saturdays.  437  6455.  99B9  tc  .10000  inei"  reffntremonts  Is  at  preseut  being  earned 


.LfLmnmlml  866p  J — 8.8  I - I position  trading  up 'to  £S  lower,  but  with 

LME— ’rinmovS- 18?  (2ttin  lots  ol -16,000  the  lack  of  any  real  selling  pressure  and 
QZS  Morning:  Cash  238.00.  3Sfi:  three  so»o  trade  support  market  recovered 
months  241-5.  1.3.  14,  L5,  Lfi,  2JI,  2J5,  to.  trade  Just  below;  previous  close  where 
2 jl.  i.7,  sik  Kerb:  Three  months  242.8.  tight  profit-taking  eased  values  sUghUy, 
2j,  is.  3.1.  33,  3.4.  Afternoon:  Three  reports  SNW  Commodities. 


Wterfrisj^f-  or 
Close  I — - 


changed  market  at  origin.  Bache  reports. 

(Pence  per  kilo) 


JFBEIG UTS  . ...  Ang..^. fvL^Z7.0|— 8.00 

<n  mo.  ■ -ORr  CARGO— Green  chaitwlng  failed  October...—  lrij.60-10.6;— 1AD  . 

ST4f?  fTKi’  to  expand.  Market  sources  said  U.  would  December—  130.20-NI.fi ^2.S&  1 

3a  IIS'  seem -that  bulk  of  North  European  grata  February....  13E.50-34.5  — 2.80  1 

.moots  met"  rettatrwnenta  Is  st  present  betng  carried  April. IB.i.0-68.0  — 1JE8 

taM:  UA  3.000.000.  ln  dme chartered  icnnasn.  Grain  hooktnsa  June — 136.00-40. D — 0.75 

r"  rvwv  Indnded  Suluth/Enperlnr  tn  Portugni  Anguro lMJfl-42.nl— 0.40 

amt  7935—8097  to  *1?'*  U.o.  Aug.-Sept.  ami  from  U.S.  Gull  ■ 'L.,  nail  lnra  nf”iiT 
— eiTX*  8374—  toJUajutla  *1350  f Ja  SepL  In  tha  coal  Bairs-  178  0Bn  1018  of  W8. 


‘ON  HOUSES 
FLATS 


ffCE-FLATS 

. hi  fim-clkss  area. 
sad,  near  Regonts  Park.-. 
:r  company  executives, 
e call  01-221-4578 

?Jon  Company  LtA 
Portland  Rout  • 
ndoft  WTl  4Lj  • ~ 


Amount  onamorttxN:  UA  3.000.000. 1 In  timechartered  tonnage.  Grain  boaktnes  June ......  136.00-40.0  — 0.7S  — 


Included  Suluth/Hnperlnr  tn  Portugal 
and  7793^-7934  ami  to  *«■»  U.o.  Aug.-Sept.  and  from  U S.  Gulf 

6100  I ncl.— at  4 1 —81 7 2 Vno^  8374 — tojuajntla  *1350  t Jjj.  SepL  In  Hm  coal 
a,7B  to  B1B1  loct. — ^ t Kto  HU  tneti  veertoo  biutne&s  developed  Irom  Hampton 
ZSvSS  iinii8  yvt n Roads-  to  Antwerp  93.76  free  discharge 

--*-8266  ^ Aut.  MlBctdlaneous  chartering  In- 

8279—8293  and  ’8296—8320 3395  ta  dutkd  bulk  fCltiliKT  from  Ubo.  Japan, 

"yirrgfpfirrggT?  ta  84.16  tnci. — to  Santo*  *u.5a  rj.a  Aiu:.  pud  perr oleum 
6426—8496  tn  8499  »«J*--9271.  cdtr  from  UA  West  Coast’to  Rotterdam 
finimtrust  slA.  Sli-35  fj.o.  Ocl  Surar  charterers  covered 
Laxemtawru,  cargo  from  Rotterdam  to  Red  Sea  327.59 

Ansust  . 19.  1976.  r.l'ft  umt  Aimn-altan  araln  ntilnneni  fixed 


1D0  yards.  Sept.  £8.02.  £6.12.  Oct.  £8.04, 
n/nni  FTTTiniF^  £«.1».  ■■  B"  twnis  £22.93.  £22.95.  m.se 

rui  HVLJ  lor  Ibe  respective  shipment  periods. 

LONDON — Market  Ready  reflecting  tm-  Yam  ami  cloth  prices  vary  firm, 
langed  market  at  origin.  Bache  reports.  LONDON— Steady.  Bangladesh  White 

(Pence - per  Idlo)  “ C " grade  Aug.-SepL  3380.  Bangladesh 

LuRra'lI^lX^teitfyaH.  orj  Buatae.  ‘ 

Wnnll  elm  _ Onna  'flnB  ',0n'  tALTOTTA— Steady.  Indian 

ressy  wooij  cinae  — uono  &OOI  rs.4®.  Dundee  Tossa  Four  Rn.oss. 

: : A hale  of  400  lbs. 

Stober -....029.6-20^  -8.2B  22O.O-L9.0  VEGETABLE  OILS 

seem  bar... BS7.B-27.fi  -0.25  287.0-86.0  LONDON  PALM  Oil Other  physical 

arch ........ p5fl J^57.B  — 0JB!  836.5-56.0  market  with  origin  hnidiwg  steady, 

av — [244.0-46 J -1.00  — reports  Faure  Pairclough.  Closlpg:  Ocl 

ily B50h-6B4I  -1 35  — =42-2391.  Dec.  24ZH4U.  Feb.  2444-2441. 

April  2461-3441,  June  249-246.  Aug.  249- 
I 347,  Ocl  250-248-  Sales:  3 lota  of  50 

Bales:  « (34)  tote  of  L506  Wins.  tanTCS-  , 

SYDNEY  GREASY  iln  order:  buyer.  * 


Austratisn 
Greasy  Wool 


iaUM-S4.no  October  -....  220.6-20 j 
182,00-27. SO  December...  Z27.B-S7.fi 

134  JJO-5 1.80  March 258.5-57-8 

— May 244.0-46J 

— July itaa^fiax . 


Bnoioean 

Done 


-S^  28O.O-19.0 
227.0-86.0 
836.5-36.0 
-1.001  - 

-1-2&1  — 


Sales:  tl  (34)  tote  «f  L506  Ml  on. 

rini  TOC  SYDNEY  GREASY  ilo  order:  buyer.  * 

UKAliliJ  idler,  business,  sales)— Ocl  2S.2-3S6.3.  Pn__a  , -|M, 

Id  price  trends  unchanged  to  easier.  JfE,  .?TA»to  AU7  total  ter  the  week  » far  w M7  toniL 

Wtaat:  Ui  Dark  Nonhert.  SpttogNo.  ******  189.  0Ke  was  teUM"  rf 


* — . — . ■"=  — -■■‘T- uarrh  uijsiisi  «N_7^ui7_s-  Mav  314JV  saics  amount ea  to  iso  roan,  bjlnnng  the 

to'Sanfos  C7.59  rJ.aAus.  and  wrrolemn  wtaDrjai  tremte  uncharorf  to  oarior.  cfjp  Sales'  l»  toia!  ter  the  week  so  far  to  287  tons, 

cakr  from  UA  West  Coast- to  'Rotterdam  . UA  Dark  Monhert  feting  No.  > The  limited  offtake  was  Indicative  of 

31L35  IJ.d.  Ocl  Surar  charterers  covered  ?: i4 Jcr-cSS:*30!3'  iS15®, “fSf1  TUrCAT/VFnrTADT  Lc  tee  small  purchasing  required  by 

cargo  from  Rotterdam  to  Red  fica  827.5Q  U-*‘ 1&Er  SSJ"  I / v llljrlil  AHLtlj  spinners.  Mixed  dealings  ip  a variety 

f.to.  S00L  Australian  grain  shippers  fixed  ^g?”lod  Fef,dT  r78-00-  Seo’-  SMITH  FIELD  fpcnce  per  poond)— Beef:  01  MUkUe  Eastern  and  South  American 

carso  of  sorghum  from. Eastern  Stales  » Srateh  killed  tfi*  UlSr  w8re  mM  7.  W.  TanersaHs 

Japan  HL35  free  discharge  Sep.  lo  the  LWE^SjSTKSSS  btadSuartera  MuB  to  53A  tenwaartera  reports- 

flmeduner  section,  vessel  of  SUM  long  “5.“^ •fcBt  tran8h5B-  S . « slb:  Eire  * 


FINANCIAL  TIMES 

Aug.  l8jAng.  17  j Month  agoj  lou-ag.i 

229.931 2Z9.4flf~230.94  | lb6.Bl 

(Base:  July  L 1833=160) 

REUTER'S 

Aug.  IBj  Aug.  17  Mouth  agr  "i’eir  ago 

147g.6jl4fl2.6  IB  11.1  US7.0~ 

(Baaa:  September  18.  1031=106) 

DOW  JONES 

1)ow  Aug,  Ann.  Jloath  rear 
Joxum  18  IT  ago  ago 

tipoa.  ..  339J23jd39Jt9  367.68  316.95 
Fntnre»p40. 161338. £3  d50.66[299.30 
1 Avenge  1824-2&-28=106) 

MOODY'S 


Moody' • *;«f-  Munlh  Year 

18  17  ago  ngii 

tiploCoramty  813.9  B27.7  B6L5  M9.3 
(December  3L  1631=1061 


METROPOLITAN ' BOROUGH  <)¥ 

SAN  DWELL  BILLS 
2 JSC 4)00  bin*,  i sued  iBJJB.  lAatun- 


•5ffiJlP!H5eJ«)d"bi£'  mo  ifeseflen ”c44.'NW&  an  JS.Si,  Kov.  TS-sT Jan.  a2.0S.*Mareh  atTiti  Lamb:  EnsU^  smau  M.O  to  4».0. -amafl  withdrawn  63.s'p ~ugbt  *ew:°*Vithdrk^n  CU^aJUK^Viltlte 

^OOO.OTB'hS'OTBtaoS»a.  ^ "1  port*.  . May  86.70,  BuHtness:  Sept.  7BJ0.7B.4fi,  O.B.  medium  36.6  to  38.0,  bcavj  344  to  57p.  No  calf  offered.  £lJB-£i45, 


cargo  of  sorghum  from. Eastern  Bales  to' h scorch  killed  sides  42 j to  454:  Ulster  5fyl™  were  reported.  7.  W.  TanersaUs  GRIMSBY  FISK— Supply  t»od.  demand 
Japan  81L35  free  discharge  Sep.  In  ttJB  3 Yellw  Ameriran^Pnmch  “ |T*  mb  to  ^ S3  J temmtaraws  reP°rts-  ■“*-  (Mct!  “ sWlp  tmomce^LCd. 

PUBLIC  NOTICE  Iftwdiarter  section.  vcssel  o/  SCfl#  n4J°  tnaahlo‘  S Etic  hliSanSi^B^o  * SMSSVJWl^!LE1wa-1L®S5l¥ 

PUBLIC  NOTICE  *«*£«»«  ""  ^ *2STJff  SSfliSSi^St 

1-  • * .-  • ^LONDON  GRAIN  FUTURESJHAlWSrT  J* ££  fSf wr*MI»  SniST  a«Sj8”^Wnned1d2Si‘Smedi,pm 

COPRA — Philippine*  (per  txnn»);  Sept,  (GAFTA>— Wheat,  atepdy.  Closbu;  Sepc  Dutch  himls  and  end*  764  to  !R0.  ttJOi'kllos  wttbdrawn  53p;  2S-254  kilos  £5.4B,  large  (640;  lemon  soles  040:  rerit 


Silver  and 

grains 

steadier 

NEW  YORK,  August  18. 
TLard— Cliicagu  loose  18.00  asked  1 18.25 
Dom.J.  NY  prime  steam  18.50  traded 
UB.75  asked). 

Maize — Sept.  277-277i  i273i).  Dec. 

2721- 273 i 1283 1.  March  282J-2S2I.  May 
2 ST,  July  1911.  Sept.  290. 

J Platinum— Oct.  156.50  1155.50),  Jan. 

159.50  MSS.IOi.  April  16040.  July  16440. 
On.  167.70,  Jan.  170.6frl78.80.  Sales:  431. 

EtSIhrer — Spot  419.50  1 42740).  Aug. 

•C220  < 422.901.  Sepl.  C3"0  <423.90),  Oct. 
4254D.  Dec.  430.70,  Jan.  433.30.  March 
ATS. 40.  May  443.60,  July  44S40.  SopL 
454210.  Dec.  46240.  Sales:  7—7— 
"Soyabeans— Ann.  E8  48319 1.  Sept.  828 
1622*  I,  Nov.  640-638.  Jan.  f-46-64Si.  March 
6534-854.  May  655.  July  637-657*. 

hSoyahean  Meal— Aug.  186.00-181.00 
(174.00 >.  Sept.  1 R2.00-1 61. 50  (174.50).  Oct. 

182.50.  Dec.  I85.0D-1S5.50.  Jan.  186.00. 
March  187.00-14740.  bias  188.50,  July 
149.00. 

Soyabean  Oil— A ok.  19.85-1940  (19.35  •. 
SepL  19.87-1940  1 19.361.  Oct.  20.00.  Dec. 
20.10-20  "0.  Jan.  2040.  March  20.30,  May 
2040-2045.  July  20.50-2045. 

Sugar— No.  11:  Spot  S.BD  1 10.35).  Sept. 
1045-1045  H0.87),  OcL  10.90-1045  <11.32 1. 
Jan.  11.64  ootii..  March  12.13-12.06.  May 
12.37-12.40.  July  12.57-12.55.  Sept.  12.B7. 
Oct-  12.S6-12.75,  Jan.  unquoted.  Sales; 
6412. 

Tin— 363.0fr366.00  asked  (364.88  asked). 

“Whoat— Sept.  2UH-319  <317i.  Dec.  333fr 
333  (531),  March  3451-346.  May  3513.  July 
2363. 

WINNIPEG,  August  IS.  tt Rye— Oct. 
2603  (255  bid).  Nov.  260  nom.  1260).  Dec. 
258).  Mar  KM. 

cOata — Ocl.  1203  bid  il36ji.  Dec.  1273 
bid  <125  asked).  May  8540  bid. 

{Barley— Oct.  2063  asked  i2043>.  Dec. 
2061  asked  <2043  asked'.  May  95.50. 

dPIaxsecd — Oct.  725  bid  (7121).  Nov. 
730  asked  (711  asked'.  Dec.  734  asked, 
May  295.30  asked. 

Wheal— SC  WHS  13.5  per  cent,  protein 
comept  cJ.1.  Su  Lawrence  40St  <4071 1. 
1SLVER  AND  CRAINS  STEADIER  — 
GOLD  dosed  weak  on  good  Commlsrion 
House  liquidation  combined  with  trade 
seDIng.  Grains  dosed  steady  nn  specula- 
tive buying.  After  Initial  weakness, 
stiver  closed  near  unchanged  follow  tig 
grains.  After  teaching  limit-up.  in  nearby 
deliveries  nn  speculative  buying,  coffee 
finished  mixed  on  trade  hedge  selling. 
Sugar  closed  easier  on  trade  selling. 
Bache  reports. 

Cocoa— Ghana  spot  1141  nom.  (samel. 
Bahia  spm  1073  nom.  isamei.  Sepl. 

101.50  110145.1.  Doc.  98.10  <9745).  March 
93.80.  May  90.60.  July  9740.  Sept.  84.55. 
Dec.  80.00.  Sales:  930. 

Coffee— " C " Contract:  Sept.  160.50 
1 160.60 1.  Dec.  153.50-153.10  <153.75',  March 
149.25-1 4S  40.  May  14945-149.00,  July 

14945.149.50.  Sales:  7M. 

Capper — Aug.  69.40  (same).  Sent.  69.60 
■ 69.70).  OCL  70  20,  Dec.  71.40,  Jan.  72.00. 
March  73.10.  Mav  7446.  July  7540,  Scot. 
76.10.  Sales:  4.793. 

Cotton — No.  2:  Oct.  78.99-79.10  (79.30), 
Dec.  77.65-7740  (76481.  March  7840-77.30, 
May  78.35,  July  77.45-77.50.  Oct.  7040, 
Dec.  67.90.  Sales:  3,550. 

OGald — .Aug.  10740  rill4D).  Sept.  108.00 
(111.40),  Ocl.  10840.  Dec.  108.80,  Feb. 
109.60;  April  110.60.  June  111.70,  Aug. 

112. 50.  Oct.  11440.  Dec.  11540.  Sales: 
2.163. 

Greaseweol  Spot  189  nom.  (same).- 
OcL  185.0-186.0  (183.0V.  Dec.  1834-1B7.S 
(191.5).  March  183.5-190.0.  May  unquoted. 

AH  ccnis  per  pound  es-warebouse  mien 
otherwise  stated-  * Cents  per  60-lb  barbel 
ex-warehouse.  OS's  per  troy  ounce— 166- 
ounce  lots.  1 Chicago  luiise  S's  per  100  lbs 
—Dept,  of  As.  prices  previous  day. 
Prime  steam  f o.b.  NY  bulk  tank  cars, 
tt  Cents  per  trujr  ounce  ex-warehouse, 
h New  “ B " cnntract  In  S'*  a short  ton 
r<ir  bulk  lots  of  Iflfl  short  tuns  delivered 
f.n  b.  cars  Chlcaco.  Toledo.  5b.  Loots  and 
Alton.  iS's  per  troy  ounce  for  5frounce 
units  of  89.9  per  cent,  purity  delivered  NY. 
••Cents  per  fifrlb  bushel  In  More.  TtCenil 

Per  - 58- Tb  bushel  ez-warehouso.  5.NH) 
bushel  1ms.  e Cenu  per  24-lb  bushel. 

S Cent*  per  4fi-lb  bushel  ei-warrluntM, 
S.noo  bushel  loti  a Cents  per  56-lb  bushel, 
ex- warehouse,  1,000- bushel  lots. 


. . .VTtS*-)., 


- < K a Vr 

(-• 


■}  --5  . : 


t 


Gold  shares  again  weak  in  listless  stock  markets 

Share  index  eases  0.6  to  375.8— Reckitt  & Coiman  strong 


Account  Dealing  Dates 
Option 


Aag.23  Sep.  2 Sep.  3 Sep.  14  also  provided  scattered  features, 
Sep.  6 Sep.  16  Sep.  17  Sep.  28  while  Australian 

New  time  *■  dealings  may  like  place  firmed  again  on 
Iraqi  9JB  a.ra.  two  hotness  lUjr*  earlier.  Budget  proposals. 


Coiman  Stood  out  with  a rise  of  losing  4 more  to  309p.  . Sun  WfcafHngs . closed  a shade  belter  First-half  profits  in  excess  of  both  awaiting  uUenmGtttement& 

lip  to  340p  helped  by  the  sharply  AJUanee  at  4t5p,  gave  up  5 of  the  at  fl£p  on  further  consideration  market  anticipations  gave  Tube  to-morrow.  Broken,  flffi  Preprte; 

higher  half-time  profits,  but  previous  day's  sain  of  12.  while  of  the  profit  and  dividend  fore-  Investments  a late  boost,  the  toy.  still  drawing  strength,  from 

- - -----  •---•■  * raise  the  Australian  Budget,  rose  20 

soon 'more  to  S83p.  - 

quarter  profits.  Special  situations  of  lisp.  while  substantially  increasec  proved  a little  optimistic,  how-  - In  Motors  and  Distributora, 


issues  often  An  MAU,.  rw  ___«  penny  iu  «p.  J&mesi  iraum*.  q joijcner  ai  Mop.  ou vanuitry  w/u-  uruuj.  usm e « » 

the  Australian  Jared reduced  Stores?*  ehSSS  however,  closed  a shade  easier  at  cerns  of  the  group  also  fared  well  SOp  for  a two-day  gam  o£'.4  -on 

««  16ip.  with  sentiment  affected  by  on  their  respective  interim  the  interim  report . .. 

o Inc  ireboat  borrowings,  auditors*  qualification*  of  the  results,  British  Alnminbim  jump-  Beaverbrooh  "A"  Were  subjected 

full  report--  ing  20  to  lOQp  and  Aluminium  to  further  profit-taking  and  lost 

1 a dosed  a penny  off  at  349p.  Corporation  rising  4J  to  52}p.  11  to  32p  in  slightly,  unseated 

Blagden  and  .Xoakes,  ahead  of  Elsewhere,  in  EngwecringB,  Glyn-  Newspapers.  Thomson  Organist- 

to-days  interim  report,  contrasted  wed  gained  3 more  to  IQTp,  non*  284p,  and^Home  Coupte, 

with  a rise  of  4 to  124p.  Overseas  helpra  by  the  Iranian  expansion,  35p,  both  eased  2,  while  A^antLC. 

issues  had  A.  G.  Beyer  a point  and  A crow  •’A"  moved  up  2 to  BlaA,  in  Publishers. 

better  at  140  and  .Norsk  Hydro  62p  on  increased  preliminary  much  to  4op.  Melody  Mills  mgn- 

two  points  higher  at  £37.  •'  results.  Awaiting  to-day’s  half-  lighted  Paper/Printings,  .rising  6 

yearly  figures.  Hill  and  Smith  to  a high  for  the  year  of  . 

rose  3 further  to  38 p.  Samuel  “;e  excellent  r®*"1*8-.-  JiSr 
. , Osborn,  a rising  market  recently.  Whorg  cheapsiied  1-  - to  24  P,  f 
After  the  previous  day’s  loss  of  also  improved  3 to  52p,  while  :■  5 c“ec*s  ■ “*e 

20  on  disappointment  with  the  Clarke  rrhupman  recovered  34  to  dividend  cut.  , . "j- 

second -quarter  figures.  Philips’  esp.  News  that  it  had  secured-  -,  j.-  i,„„  - j;  . 

Lamp  eased  further  to  SZOp  be-  a fan.  contract  to  build  the  first  reaCliey  lllgner  . 

BuShKSS  remained  extremely 


penny  the  previous  day 


earnings  lifted  Grouch  Group  a ever,  and  the  price  dosed  a net  Clayton  Dewandre  contfitnad 
penny  to  2Sp.  Ernest  Ireland,  6 higher  at  32Sp.  Subsidiary  con-  firmly,  rising  a penny  more,  to 


Gilts  consolidate 


Stock  markets  were  featured 
far  the  second  successive  day  by 
weakness  m South  African  Gold 
shares  following  a drop  in  the 
hullion  price.  Gilt-edged  closed 
with  narrow 

short-dated  

maturities  barely  changed  after  jnR  conditions  m the  money  mar- 
a rhin  trade,  while  interest  in  fceL  The  Government  broker  was 
leading  equities  was  again  sub-  n(>t  tried  for  supplies  of  the  Ions 


Gilt-edged  became  less  interest- 
ing in  the  absence  of  any  fresh 
developments  at  the  longer  end 


price  movements  in  Qf  the  market,  but  still  presented 
issues,  with  later  a orm  undertone  despite  tiehlen- 


dued  and  led  to  small  mixed  price 
chances. 


.Although  movements 
change  rates  were  less 


m ex- 
oxratic 


tap,"  Exchequer  13J  per  cenL, 
1996.  at  9SJ.  his  assumed  price, 
but  one  or  two  hi  "h -coupon 
maturities  were  being;  quoted 


than  cm  Tuesday,  continuing  slightly  above  the  3..10  pm  closing 
nervousness  because  of  recent  level  in  the  after-hours  bigness, 
speculative  activity  in  currency 


markets  helped,  along  with 
seasonal  influences,  in  keeping 
investment  incentive  at  a mini- 
mum. ‘ Bargains  marked  num- 
bered 4.627  compared  with  4..124 
the  previous  day  and  4.738  on 
Wednesday  of  last  week. 

The  gold  bullion  price  fell  *3.25 
to  S10S.625  far  a three-day  loss 


Shorter  issues  encountered  a 
moderate  two-way  trade  and  im- 
proved 1 in  places  with  the  ex- 
ception of  the  low-coupon 
Electric  4J  per  cent..  1974-79. 
which  ror-e  an  exceptional  l to  SSL 
The  latent  indices  for  basic  wage 
rates  found  no  reflection  in  mar- 
ket sentiment. 


400 

PENCE 

- - - ! 

- 

Tube 

380 

, Investments  . 

380 

i 

W79 

MSi-aap 

340 

=\ 

J..  LOW- 312  ft 

/L  n 

320 

• 

'V 

inn 

1976 

1 

MAY 

JUN 

JUL  AUG 

Philips’  Lamp  rally 


SSS  &3^&2s.“«SS  sr  *&*«*£.  »■««««  i^v^SSSTS-i^Si. 


in 


Properties, : . where- 


FINANCIAL  TIMES  STOCK  INDICE! 


A«W- 

• iT  • ; . IV 


i\nc> 

’ IB 


Amp  -■  -4 

12  ■ : . 


fr- 


6SU4 

SU94] 

375.8! 

-aa.91- 

b;»V 

17.19; 
8.61 1 
4,627; 


G2.26[ 
61.921 
376.4 
- BSJSj 


GflcvmMent  Sea....— j 
Fixed  latere*1 *— — — j 
Indurtrtxl  Ordinary  _.j 
Sold  Mines  — 

Ord.  Div.  Yield. 

BartUng»Y*W6iralK(otI 
P:E  Bane  mel)  W 
Offliiuga  marked. 

Fruity  luraorar  Jdn-.j  •— 

Eqiiii jr  barpaiiujota].' _ 

‘ : io  ua.  -87d.7.  II  US.  3173.  Now  3T8J. 

2 JUS:  376-9.  * P-W-  3T6  9- 
Latest  tmtex  01-W  VOb. 
tai  Baaed  on  35  per  win.’  corporation  ux 


SJO; 

17.17- 

8.w; 

4.M4j 

39.28] 

10A«! 


62-20; 

81.88. 

377.8! 

99.6' 

. 8.88^ 
17.11 
0.66. 
4.261 
31.26 
9,937; 


61,98' 
61. 68. 
574A> 
101.0; 
..'8-921 
!l7JS; 

0.736; 

31.731 


m.96;  ‘wtaE;^.- 
61.56.  6L82 
375.3.  370,*. 


un.L>. 

. 5-87j'. 


103.4) 

6.9s! 

1.745 
860 
4,663 
36.90' 

9.90K  10.389'  lt.SMr 
1 p.m.  373.1. 


17-Wi- 

a.eaL- 

4.73fli 

44^4 


Basis'  ISO  "Oort.  Sew)  &WK] ^ 
y.nrs  it-9<33.  SK  ActtVltT  July-p«-  ««■ 


ISZ3. 


tbi  Ndi-S.M  - ; 
lad.  Ord,  l-F^ 


AND  LOWS 


S.E.  ACTIVE 


|Slnwt™iu51at'wol 


1'  Low  r Bigb  I'  tow 


Ant  i 
1*^ 


tiorL  Sees..!  M.S> 
1 (SJili- 


Fixed 


80.19 

<2rll 

89.78 

AlV 


1 127.4  49.18 

p'lidC)  j 

160.4  ! Bass 


64.43 
®S) 

Ind.  Ord.....)  420^  i 364.7  1 5*1.^  49  4 
, ; isfl)  iisiwiav 

BB.9  ; 442.3  ! 42^ 


Gold  Mines.  '246.9 


(S/1)  I aa«>  ! <Zbir7bjl(2Sil&n> ; Tmaln.... 


DaUj- 
tiilt&ltfsd 18  U, 

144.2  r 

Spmiladvc....'  493-? 

Touts 103,8  r 

SdayAvVjp)..  . -- 

(rl1t-lfdBcdn...  t80JLJ 

Indnamali.^..  ISOJf. 

- SpqciilaJlre..^  424; 


103.0 


Other  lead  mg  Electricals  tended  95p. 
to  dose  a shade  easier  following  * 


point  of  interest . by  impEoVihg 


another  slack  trade,  as  in 


<&  * «I  1) 


143p,  and  EB£  225p.  which  lost  a response  to  the  sharply  improved 


_ _ Losses-  ranged  to  a pol 

S to  a 1876  peak  of  H4p  in  ^0“  to ’aSd*!} ^uEcav' more  t6‘36p7  Bncknall  Trust,  on  heavyweight  issues, f 
a.  ^ Other  other  hand,  were  a dull  cxcep-  RandfontcJn,  £12J,  vdt 


In  ronditions  murh  the  same  as 


LTDT  continued  to  make  headway- 
yesterday  in  front  of  the  results: 


Refrigeration,  with  interim  re-  Biscuit, 
suits  expected  today,  gained  a orfnlrs 


months,  the  the  lower  priced  stock 
beest  plummeted  100  ts-> 
firmer  East  Driefomelii,  Soutfi 


months  earlier. 

As  measured  by  the  Industrial 
Ordinary  share  index,  up  04  at 


Leslie  & Godwin  firm 


Leslie  and  Godwin  were  a firm 


Slater  Walker  Securities 
penny  lower  at  20p. 


am." and  dosing  at  the  day’s  exception  in  Insurances,  rising  6 
i-est,  at  373.8,  with  a net  loss  to  l<Mp,  after  107p.  on  relief  that 


11 

lowest,  — _ — . . . .- 

nf  0.6,  the  range  of  price  move-  the  much  criticised  merger  d la- 
ments in  the  30  constituent  shares  cushions  with  Wigham  Poland 
na(  its  narrowest  for  live  weeks;  have  been  terminated.  Elsewhere. 
Tube  Investments,  however,  put  Composite*  drifted  gently  lower 
on  fi  to  328p  well  after  official  with  ‘■RoyaLv"  encountering  fur- 


a fraction  easier  at  a reaction  of  2 to  Sflp  on  further  *Sf b^^Nortmg-  The  Lon  don-  based,  sto  . 

77p,  while  F.  W.  Wool  worth  consideration  of  the  preliminary  £25*51252*1*?  wi  ^SnSSctariiifi  tock  T more  also  affected  by  the  esa 

closed  without  alteration  at  391p  figures.  Other  dull  spots  included  y^r f IL 1 a t to  S6d  Courtaulds  improved  the  of  U.h.  Industrials,  w • 

Buckleys  touched  35p  faUowmg  despite  disappomtStig  interim  Danish  Bacon  “ A.  4 off  at  I3Qp.  3X1,1  Coombes  unaltered  at  31p-  - to  66p.  P 

news  of  the  proposed  ’Tights”  figures.  Andfotronlc  rose  2 more  and  British  Sugar,  5 cheaper  at  in  common  with  most  other  ratv  Defe 

issue  but  then  eased  back  to  (0  jjp  for  a two-day  gain  of  3.  310p.  Kwlk  Save  Discount,  5 sections.  Oils  passed  a dricb.iivcly  jn  Tobaccos,  but  closed  2 Platinums  were 

close  unchanged  on  the  day  at  Among  small-priced,  issues.  High-  cheaper  at  10op,  provided  the  session  to  close  with,  scattered  _«*  at  21Sp,  as  did  the  Ordinary  sympathy  with  G0I1L  , 

34p  in  Breweries.  light  Sports  eased  4 to  Tip  and  only  movement  of  any  signifi-  losses.  British  Petrotenm  gave  268p.  Imps  eased  after  a firm  weaker  Coppers.*  ; ■* 

few  and  far  Know  Mill  cheapened  a penny  to  ra“c®  a up  2 t0  58?P  and  Burmah  u^re  start  £0  finish  unaltered  at  75p.  on  3 more  to  215fc  afr.: 

In  Shoes.  Ijuuben  Bovirtb  Caterers  were  notable^  for  a the  Hmm'  #*fr  Mni  suwi  _ _ * «•  — - •» — 1 * 


BATs  Deferred  were 


Fields  and  WZ  both-9 
again  at  130p  and  I8Sp  res  peel 


Changes  were 
between  in  Buildings. 


.Nonvest  I2p. 


on  ti  10  ;«sp  wen  aner  omi-iai  «i»«i  «'».*«*.  wimuiucnus  ,iui-  ociwnu  iu  ouiiumw.  «»>»«»  - “* - — — ct*  ,tuTQ  0 j *’2P’ South  African  Industrials  had.  following  a local  u« 

hours  on  the  better-than-expected  ther  profii-tabing  after  the  recent  Holst,  currently  bidding  for  F.C.  hardened  to  34p  oh  further  con-  J*  Jj®.  a£^.  " *!^heA  u'laJte™d  at- 4^*  an  easier  bUs.  Ahereom.  Invest-  Diamonds.  De  Bern  f 

,__ir dul-ih  ^^4.  nn  tVw.  A«t.hiir  ,.n  o +«  sw,  ciHsnHnn  nf  thi»  tniM-irn  r^nor-t  Jacques  Barei  xonawing  a snarp  494-  Sooondarv  l&siies  were  •ul  -1 


half-yearly  figures.  Reckirt  and  rise  on  the  first-half  results  and  Construction,  moved  up  3 to  57p.  sideration  of  the  interim  report. 


Jacques  Borel  following  a sharp  4240 
recovery  on  the  Paris  Bourse. 


F.T.— ACTUARIES  SHARE  INDICES 


These  Indices  are  the  joint  compilation  ef  the  Financial  Tines,  The  Institute  at  Actuaries  and  the  Facnity  if  Actssries 


EQUITY  GROUPS 

GROUPS  & SUB-SECTIONS 


Fic'inf#  in  fwmnlhiwwi  ritnw  number 
»incki  per  •eetMin. 


Mrednesday,  August  18, 1978 

T ue». 
An*. 

17 

Un  nilar;  Friday 
Auz.  * - Alia. 

is  : 1? 
a / 

Thura. 

Aiie. 

T2 

Tear  1 

ego  | H iftlw  and  Low*,  index 

lepproxi, 

Index  . Dec'll 
.Vo.  Cheng* 
a 

14.  j G mu  Set.  i Eat. 

l-rmlnga  Dir.  JPiR  t F<R 

VH.I  % . TWd  \ Ratio  Itatin 

l.Uax*  ] I.M.T  mm  , mil* 

furi*.  : »t  36^)  C.-rp.  Cnrp. 

Tax  aS*:  Ta*  fj^Ta*  $2% 

Index 

So. 

r ( ■ 
i 

Index  Index 
Xn.  : Vo- 

1 

Indflot 

No. 

i ,i. 

. j Fmre 

Index  , WN  i OompilaNre 

No.  : 5 

1 High  ] Low  f High  1 Low 

1 

CAPITAL  GOODS  (179) 

140.89 

-0.1 

1 17.61 

6.50 

; 8.54 

8.46 

141.03 

140.96:140.55 

9 

Building  Materials  (30) 

127.73 

- 

, 15.86 

7.35 

9. 55 

9.65 

127.67 

126.93  |125.B4 

3 

Contracting.  Construction  (23) 

188.02 

-0.2 

| 21.78 

5.84 

1 7.08 

7.08 

188.46 

186.66  187.88 

4 

Electricals  (16) 

265.94 

- 

j 17.30 

5.19 

8.64 

8.40 

>56.01 

857.20  256.26 

5 

Engineering  (Heavy)  (13)  ... 

165.46  -0.1 

34.41 

7.43 

6.39 

6.39 

165.63 

166.74 

166.64 

6 

Engineering  (General)  (64)  ... 

1309 

-o.a 

17.87 

6.87 

8.39 

8.51 

131.58,131.70 

151.42 

7 

' Machine  and  Oiher  Tools  (9 ) 

57.38 

-0.1 

16.86 

7.72 

8.88 

8.88 

57.43 

07.80 

57.58 

8 

Miscellaneous  (24) 

136.67 

-0.1 

15.00 

6.98 

10.05 

9.76 

138.78 

*126.65 

126.57 

9 

CONSUMER  GOODS 
(DURABLE)  (53) 

131.86 

-0.3 

18.31. 

5.64 

8.23 

8.31 

I 

121.62  jiai.76 

121.70 

10 

Lt.  Electronics.  Radio  TV  (15) 

133.17 

+ 0-3 

17.33 

4.36 

8.53 

8.52 

131.77  -131.85 

151.88 

11 

Household  Goods  (13)... 

154.46 

+ 0.4 

, 18.78 

7i?4 

8.12 

a.QB 

153.90 

164.53 

154.18 

13 

Motors  and  Distributors 

(25; 

78.70 

— 

• 19  37 

6.76 

7.88 

7.83 

78.71 

78.80 

7a  71 

13 

CONSUMER  GOODS 
(NONDURABLE)  (168) 

142.14 

-0.4 

' 15.41 

6.72 

9.81 

2.72 

143.76 

143.94 

. 

142.88 

14 

Breweries  (15) 

rn-m  > 

159.97 

-0.9 

14.76 

7.13 

10.15 

10.15 

161.48 

162.90 

165.20 

15 

Wines  and  Spirits  (7)... 

• •• 

158.56 

14.80 

6.BB 

10.34 

10.34 

158.56  160.97 

161.52 

16 

Entertainment,  Catering 

(14) 

173.49 

— OA 

14.11 

7.67 

10.94 

10.84 

174.09 

174.40 

174.11 

17 

Food  Manufacturing  (22; 

... 

135.44 

-0.4 

16.99 

5.68 

8.96 

8.89 

156  AM 

158.55 

158.22 

*s  j Fnnd  Retailing  (16)  ...- 

• V. 

152.26  : + <L2 

13.36 

5.90 

10.94 

10.94 

151.98 

131.55 

130.02 

19 

Newspapers,  Publishing 

(16) 

180.05  : — 0.4 

13.66 

5.82 

11.25 

11.25 

180.77 

181.00 

181.14 

20 

Packaging  and  Paper  (12 

... 

98.10 

-OJ 

16.57 

7.73 

9.38 

9.38 

98.40 

98.39 

06.46 

31 

Stores  (34)  _ _ 

— 

116.46  -0.1 

13.19 

6.00 

11.68 

11.68 

116.62 

117.25 

117.81 

32 

Textiles  (23) 

... 

140.97 

—0.8 

12.91 

8.14 

11.71 

10.33 

141.65 

142.32 

141.11 

33 

Tobaccos  (3)  ...  ... 

... 

313.94 

-1.3 

20-58 

8.11 

7.33 

7.33 

215.46 

213.48 

312.44 

24 

Toys  and  Games  (6)  ... 

... 

75.04 

- 

20.10 

7.98 

6 66 

6.63 

75.04 

74.88 

74.B6 

OTHER  GROUPS  (96) 

35 

Chemicals  (26 J ...  .„ 

Mt 

305.53 

-0* 

12.36 

5.63 

11.54 

11.34 

206.50 

206.66 

206.18 

36 

Office  Equipment  (9)  — 

... 

86.28 

+ 0.1 

13.69 

6.03 

10  71 

10.71  j 

86.23 

86.56 

86.73 

27 

Shipping  (12) 

380.80 

.0.1 

13.08 

6.76 

11.10 

10.09 

380.34  378.79 

381.48 

38 

Miscellaneous  (49)  ... 

...j 

149.53 

- 

14.75 

7.66 

10.12 

10.10  | 

149.58 

148.64 

148.90 

29 

INDUSTRIAL  GROUP  (496)  j 

146.98 

-0.3 

15.49  , 

6.48 

9.63 

9.55  j 

147.36 

147.40 

147.M 

108. El  160.06137.08  206.37 
■8l#4i  . i2rii  (*.’5;72. 
84.78  160.18  119.57  233.B4 
■ (I5;i>  rwjti  , ms/??! 
182.56  260.20  177.32  389.33 
' n&'li  <307)  ;<19/5)T2. 


j 121  j4»  . I2f6>  -I  <4(S/73. 

170.66  124.76  193.18  I6L88  202.57 
I 1 lot/  <2,6i  16.8/75. 

131.59  I 95.08  149.29 125.48-  168^9 


57.45  I 38.13 


t.trtc- 
-70 


187.05 


»5.-a)  • f2-l 
60.62!  51.19 
r3)5l  (Sill 

94.28  141.94  121.55  177.41 
. rtl/Si  • (2Hi  |/2ri*<72) 

121.90  i 83.19  141.46116.86,227.78 

121.41  {2g_'(21j4;72l 


50.17 
1 IS; 1C  74 
44.27 
ill.-k2.f4 
71.48 
(2'12'14. 
86.71 

i2B-j.6E( 

94.43 
• 1 i2,‘76i 
45.14 
|6/L'iai 

19^6 


|4.7^6i  113112-7* 
49.65 


(b.lloi 


97.68  160.35123.75  257.41 


!7,*>  ■ iW) 


38.59 

ifiiliTS. 

42.56 


78.83 


43.81 


i7.'4) 

89.16 
(Si S)  "(BlI) 


1 19,5,72)  -,12;  12:71- 
63.92 
4 5/721  £l7.-L2t-74 
170.59  19.B1 

•ISlffli  (8.1, 7S) 


llO/ffi 
.70.05  170.59 


123.06  162.24 138-95  326.08  61.41 

<*.2V  115,2  72,  (15  12,  74 


1 j,2i  (2«t 


i5,-5)  . <0:Pi 


• (S/5i  i'2'bi 


iUlbt  ifcfii 


(l£/l)  i2/6) 


•2e.-U,-78?  (15' 12:74 
257.40  7B.71 
llo.-7.-72i  (15,-12/74 
329.99  54.87 
i1C/J2,7Z)iIB/ii74i 
211.65  59.78 
I I'S'TZi  (11/12574) 
255.08  , 54.25 
.16-8/7®  ’(11/12/741 


95.30 


(11/3)  ■ (2/6,  ’•  IS.  I -72V 
83.40  112.50  94.92  135.89 
185,2)  18161  [35/4 '72/ 


(212)  • (2 w)  1 U, 8.72| 


•6,1:73) 

45.46 

(H/1)7S) 

52.63 

(6/1j7di 


74.44  41.56 


r30/J>  1 50/7)  .-li^/fiS)  (11/12/74. 

“ 07.38  339.16  94.34 

iM)  <2,2  >721  ](13)6 -62) 
59.13  135.78.1  20.92 
<2Zth  «ie.-L/70i  ! (51/72) 


(oft) 

80.95 

116.7) 


88.06: 


«5.5i  (fl/li  •5:S<7fi-, -,Hil2<7*l 
72.04  100.18  85.09  246.06  j 45-34 

(19/0)  ! f£/li  ,1,-9-721  1 (8,1/76) 


•aiill)  iW/31  i5-12,7g,  ;i29/6.«j 
172.95 145.05  2S8.B5  60.39 
i3»'4i  12,-8!  2.&,73i  f6)li7oi 


fflSi  I 1W1 


30  OILS  (t) 


220.17  , S9J31 
(1.6)78)  (1S/1£)74» 


150.08;-- 0.2 


12.23  4.69  9.46  ; 8.75  jb50.67  351.50:350.01  350.68  :282. 45  ,395.84351.34  431.66 1 87^ 

11  i 1 ! 120,6)  (lS/2i  (29/5.-621 


31 


300  SHARE  INDEX 


1165.70 0.2 


14.97  6.20  ; 9.60  9.41  1164.10  ;164.30  163.96  1164.33  132.85  (183.00  161.07’  227J5  63.49 

i I J I <3/Si  , (2,3)  16, S/72)  Il6il2l74i 


32 

FINANCIAL  GROUP  (IOO) 

125.46  -0.3 

- • 

6.13 

- 

- 

(128.88  185.43 

125.16 

125.27  ,116.59 

53 

Banks  (6>  

14G.09  - 0.3 

23.02 

6.28 

6.68 

8.88 

146.47  146.36 

143.11  {143.84  136.53 

54 

Discount  Houses  (10)... 

148.54  - 

— 

9.31 

— 

— . 

146.54  148.33 

148.43 

148.15  144.03 

55 

Hire  Purchase  (5)  

96.92  +1.8 

— 

6.77 

— 



94.23  92.66 

89.04 

89.34,  86.34 

36 

Insurance  (Life)  (91  ... 

37 

Insurance  (Composite)  (7) 

101.74  -0.8 

7.00 

— 

_ 

102.51  101.47 

102.05 

103.26:  96^3 

38 

Insurance  Brokers  (3j 

234.17  +0.4 

10.46 

4.93 

14.13 

14.13 

233.31  231.36 

830.60 

230.40  178J6 

39 

Merchant  Banks  (16;  ... 

68.24  -0.9 

1 — 

8.20 

- 

- 

68.58  68.70 

68.72 

68.75  78.31 

40 

Property  (32)  ...  _ 

168.37.  - 

3.67 

3.35 

50.86 

48.32 

168.34  [l69. 19 

168.80 

168.90  142.95 

41 

Miscellaneous  (5)  ._ 

72.62  +0.1 

17.65 

8.50 

8.76 

8.76 

73.55  J 71.94 

71.94 

71.94  ' 60.92 

42 

. Investment  Trusts  (50) 

143.80  +0.4 

3.89  ; 

1 

i 

^gjj 

28.04 

28.04 

143.24  142.80 1 142.18  ( 145,84  , 148,17 

43 

ALL-SHARE  INDEX  (650) 

153.48  1 — 0.2 

1 . 

— 1 

6.14 

“ 

- 

153.83  1 183.75 

153.52  '153.88  129J35 

! i 

COMMODITY  GROUPS 

f 

, 

( Sot  included  in  son  or 

: 

All-Share  indices) 

44 

Rubbers  (9)  „ 

— 

474.72  -0  4 

9.80 

5.90 

14.94 

13.67 

472.84  '474.73  472.54  472.54  397.94 

46 

Teas  (S)  ...  _ « 

... 

139  67  +0.2 

29.00 

9.11 

’4  58 

4.46 

159.58  159.56 

139.14 

130.58  99.48 

46 

Coppers  (3)  ...  _ 

• 

180.75.  + 1.3 

54.67 

9.51 

1.83 

1.83 

178.55  103.58  .179.76  101.17  554.95 

47 

Minin?  Finance  ill)  ... 

... 

86.07  -2.0 

12.12 

5.83 

9.39 

9.23 

87.84  j 86-86 

88.80 

89.82  121.74 

48 

Tins  (9) 

», 

109.11  - -0.4 

14.68 

9.Z0 

10.46 

10.41 

109.58  >112.78 

113.67  1 13.85  84.35 

49 

Overseas  Traders  (13)... 

... 

213.83-0.2 

15.93 

4.55 

8.16 

8.14 

313.47  j 2 14. 14  213.55  214.55  197.87 

•SOil)  <2)6,  .*11,4)72)  >13/12)74, 


i20/l. 


■ a 61 


<13/1 1 


(26)2, 


ISO; I, 


•CO-i/TZi  1 12,’ 12,7*. 
.45.02  293.13  81.40 
i3'3,  >2.7,72*  il0.'12.7*i 

83.44  433.72  : 38.83 
<30.71  ,i,<xrm  '(11/ 12/74. 
95.91  194.46;  44.88 
•Mj  <13-0/78,  ! i&l iisfi 
92.03  155.76'  43.96 
■ lO/Si  (L'l.'4/T2)  (Li'lZTi*, 
276.90  218.26  276J30-'  65.86 
ill,*.  *5,1.  111,6/76*  16/13/7*1 

95.83;  68.34  278.57  3L21 
•27/1)  <38'3i  ,1,-s.rjS)  I (7/1/76) 
194.57  144.37  357.401  56.01 
«pA*  ••  !?*’  ,?’U)73)  1(20,4(65) 
91.98!  68.44  303.13  i 33^9 
(3/Si  it'7i  ‘(Ig.-o/Ta.  117, *12:74) 


1 30, 1 j 


(25)4/72)  |(13jl2/7<) 


f»/l) : iCffli 


228.13  tl52 

iiftna  '(i3)i£/74i 


325. 40404. 6 7 555.37  84.68 

ir.V*  . (1*  l,  .25.-7.73,  r2S '3.Fo i 
99.48  1 42. 43  1 17.89  1*2.43  S9.72  • 

‘ .!■!;  **5Hr<6*  >17/ 10)74 r 

501.47  177.60  567.78  94.08 

.Vi1 ' , 'L-7)73i  (29/4.t2: 

li3.-'7  B,507  17S:90,  66 

'lf^-  iWif/di  150,9:74) 

119.14  86.U9  195:43  54:83  -, 
<12)1/73*  MfiT/571, 

254.47  208.94  254.47  97.37 
•S.-oi 


424p.  Secondary  issues  -««g  SkSTSa  MeSTSS-  ^er  a year’s  low- oH  V 

generally  unmoved  as  well,  hWb.,  cheaper  at  140 p and  ’ U7p.baU-year  results  are- 
domestic  market  advices  naM-  9 Rex  Tmeforiii  “A”  Tuesday.  . r 


News  that  the  interim  results  Qoraesuu  uiarKtsi  duviuva  wnur  MdijopliidV 
had  been  brought  forward  to  buted  to  a sharp  upward  thrust  SSE£ll«  . iAthoui  aitcniwn  ac  ■ is.i,' 
yesterday  brought  an  early  rise  m Associated  AosttrtOi  “foUowffi  the  preffinaS 
to  337p  in  Rccidtt  and  Coiman  Resources,  up  13  at  133p.  Wood-  9 ^ P 

which  was  extended  to  an  aveixU  side-Burmah  put  on  2 more  .to  “®urCi‘  ^ _ , . , ■ atarkets  following  Thte,^. 

gain  of  11  at  340p  on  the.  n8n  Moran.  Tea,  o higher  110p,  buoyancy,  m - . ..Sjdflj 

announcement  of  sharply  higher  - .bod  provided  the  only  nmement  MeIboimie^whiehrefled.v' 

first-halF  profits.  Reckitt’s  agreed  worthy  of  note  in  Plantations.  faction  With- Tuwdajfli 

I25p  cash  counter-hid  for  IPinsor  u)!}^ Si ? ’ - - Budget  which;  reduced  r* 

and  Newton  brought  an  advance  ?1U1®L  pnldc  at  Iriw  - export . levy  .and  mtrSfj.! 

of  22  to  12.»p  in  the  latter,  while  5hhiJhP^iiEii£fo  GolflS  at  4a-TUUl.  MW...  concessions..  In  -.CaMs* 

-W.al  .BBS-  oS£5  Vicitf'up^TTJS  Tb»  d«dlne  'In'  fb«  Hlnlng  AnrtnUt  rpnq1  ’ 


to 


announcement,  improved  later.  - ■ ; . _ ya  African^ 'Gold "shares  which  have 

partly  on  investment  premium  . The  previous  days  oo«t;  “ now  iost  ground  for  five  sueces- 
influences,  to  leave  a net  gain  of  institutional  activity  proved  short-  iv_  •«.*»,«  rinvs 
A at  £20f(.  Bo  water.  I83p.  re-  lived  and  Investment  Trusts  yes-  “ ~ (”UT  T^.‘,  _ ./• 

ilnq dished  3 of  the  recent  im-  terday  encountered  a much  Alter  opening  lower  owing 
provement.  Elsewhere.  Press  smaller  trade.  Nevelherless,  firm  their  overnight  weakness  in  the 
recommendations  prompted  rises  conditions  generally  prevailed  and  U.S.,- selling  from  Gape  and  toal  , 
of  4 and  1|  respectively  in  Wood  Jersey  General  gained  3 more  to  sources  depressed  prices  further  bn 
Hall  Trust,  74p,  and  Howard  227pT  while  Robeco  Sub-shares  put  and  the  Gold  Mines  index  conse- 
Tenens.  21p.  Dufay  Bltnmastic  on  6 to  5fl7p  and  RoUtieo  Sub-  quently  dropped  6.*  more  to- SSJ 
picked  up  2 to  45p  and  Develop-  shares  5 to  430pu  Still  drawing  —its  lowest  level  since  November 
meat  Securities  gained  8 at  .3S0p,  strength  from  recent  favourable:  37-  1972.  .. 


ACTIVE  STOCKS 


- Denomina 

No. 

■ 

Closing 

Change 

1078 

107» 

Stock  tion 

marks 

price  (p) 

on  day 

high 

low 

I a £1 

14 

34P 

- 1 

402 

328 

BAT*  Defd 25p 

1-1 

2 IS 

— . n 

** 

225  . 

205 

R TL  23  p • 

W 

1SS 

- "> 

233 

178 

Reckitt  & Coiman  50p 

s 

340  • 

+ u 

363 

315 

AXZ  SAJ 

7 

375 

+ 2 

37fi 

251 

Burznah  Oil  £t 

7 

30 

- 1 - 

53 

31 

Gu>  ‘A*  25p 

T 

1S6 

+ I 

224 

176 

GKN  £1 

7 

312 

— 

560 

266 

Leslie  & Godwin  lOp 

7 

104 

+.  6 

130 

04 

Reed  International  f l 

7 

230 

- 1 

273i 

219 

Shell  Transport...  23p 

7 

422 

— 

462 

378 

Acrow  ‘ A ’ 23p  ■ 

6 

62 

+ 2 

66 

54 

Beecham  25 p 

6 

356 

— 

3fl0 

339 

BP  £1 

fi 

5S3 

- 2 

685 

575 

Cdb'ry/SchV’pp's  25p 

6 

47* 

+ * \ . 

55  - 

44} 

The  above  list  of  active  stocks  is  based  on  the  number  of  bargains 
recorded  yesterday  in  Che  Official  list  and  under  Rule  163  (1)  (e). 


Option  Report— 3-month  Call  Rates 


OPTION  DEALING  DATES 
First  Last  Last  For 

Deal-  Deal*  Declare-  Settle- 

rags  ings  tion  ment 

Aug.  17  Aug  31  Nov.  11  Nov.  23 
Sep.  1 Sep.  13  Nov.  25  Dec.  7 
Sep.  14  Sep.  27  Dee.  9 Dec.  31 
1 Calls  ” were  dealt  in  ICI, 


Ofrex,  Charter  ball  Finance, 
National  Westminster  Bank 
Warrants;  Cay en ham  Warrants. 
Consolidated  Gold  Fields,  MEPC 
Bond  Worth.  J.  Warren  and 
Reardon  Smith  4 A,'  while  a 
“ double  ” was  arranged  in 
Slater  Walker. 


Industrial* 


A.  Bn»w 

X.  P.CemgnL.i. 
Awkk-  Leisure.^ 

BsjR  1 

H&buxka 

Rswisrs  Bank. 
Bin  ( - Iggnw.. 

Hut  Dtilr.™ 
Rna*  i 

B. A.T 

DrilisiiLerlaml 

B»")C  In.  

Bnjim  il.i 

Burton  • ....  > 

L'Mburvr 

I'svenlwm r 

Cuuixnuldp - 

Debeobsms... 


E.M.I.. 

■Ft  cub  Lot-011.  . ; 

6 la  Goo.  Accident. 

15  Con.  Electric..' 

tilaxo 

'Gmail  Utt 

c.f.s.*  A1..;.... 

'Guardian 

H. K.S 

Hawker  Sldd... 

Honse  of  F rater 

r.u 

“Inipa'" 

I. CX 

5's  Incemk 

9 LegalA  General. 

6la  Outbroke 

5 ’I*s  Scwlce-...! 

10  Llcv(da'Buk.....  22 

11  -Wt" I 4 iWiIIiaouRad'Dl 

8 Loudon  Brick.  J 


Itt.H.U 

:Kank  Ore.  ‘A\..i 

Reed  tatl : 

Keyrolle : 

Rothmans I 

Slater  Walker.. 

SpHlers: I 

Teaeo'.  ' 

’rboin  *A' 

Trust  Houaea...' 
,rulK  Invest.. 

........ 

31*  L'td.  Drapery... 
Vickers 


A 
5 
7 
14 

,UBPC...'_t .-■  7 

Peacbey j .6 

■jam  net  Pro  pi...1  41a 
Town*  City™.: 


;Utdiau>l Bank..!  via  'Lap,  UnBCMi.J 

j Nat/I Went  Bank  - 80  6.P. 

‘-tio"  Warrant!  7l*;Int.  Europe..— 

LPJcODtd 11  iLKndSecurtiles 

.Plesaey ...-  7 

5 

18 
83 
11 
4 
4 
4 
4 
88 
9 
27 
38 


8ia 


:Oila 

Brit  .Petrol mod 

Burnish  Oil 

, Shell 27 

.Ultramar  14 


NEW  HIGHS  AND 
LOWS  FOR  im 


'The  foltowirm  McurttuK  quoted  in  »ho 
Share  HHormatloi*  " Serwre  .-  vesterda* 
attained  new  Highs  and  Lo**s  lor  ' iBTB. 


NEW  -HIGHS  (181  • 

COKPORATIOPfS  (11 


Bristol  B-'JOC  7^-77 


•jans  <i)  ; -• 

ICFC TOpcC  1976.  . ' -. 

' FOREIGN  BONQS  li)  . 

Iretand  7<a«  '*l-BS  Japan  4pc  1910- Acs 
• . AMERICANS  (1) 

LlaS  Stmf 

ENGINEERING  W ■' 

AbbV  a->  INOUSTRJALS  153 
Broken  H1U  Prop.  ScMumbwoer 

CH-  Industrials  ‘ WTnior  6 Newton 
Efovricfc  Hopper  - - 

. . -INSURANCES  n> 

Trawlers  ■ " - ■ 

PAPER  (17 

Melody  MS  111  ■ 

: : -PROPERTY  (2)  :•  •'  . 

Mockiow  (A.  a J.i  Peachey 
. MINES  (2) 

'AMTSS;  Hamjmxr Areas  • 


ASA  ' 
Ateaqiem 


NEW  LOWS  (57) 

AMERICANS  (i)  ' 


BANKS  11) 


•UttDINGS.d) 
MOMfta  Dundas 

..  STORES  (1)  - 

Knott  Min 

- ENGINEERING  (57 
Btofton  Foundry  : Nsamend  ■ 
Central  Wagon  . TCK . 

Mon  Eng-  • . - 

POODS  It) 


JxAiIbA  Bacon  A 

• ■ INDUSTRIALS  IBI.  .- 

BedaJr  Cosmeric*  NoTcroa 

Gowne  Midas.  Rendas  - 

MV*W  •;  Sleke  Gorman 

• . TEXTILES  m • _ - - • 

MdUYjH.i  ' 

r fi  . TEAS  ni-.. 

Motan.  . 

MINES -139) 


40 

4)a 


:.Ulne»  - .1 
’Charter  Cans...! 


DlaiUIer* • 13  ;Loca?  Ind*^....i 

DuaLfai— 7ljj  — Unm,-1 — r._ 


4*B  Woor*ortli>  ^..i 


Dunlop^ ; 

Ea^le  Star.. 


20 

7 


8 I Chart ‘rU’ 11  Fin. 
15  lUouaGold^ ’ 


11  :UarksA6pW:  8 


(Property 
•Brit.  latid-...~...|5lft 


i Hampton  Areaa 

Lonrtm ; 

BloT.  Ziau 

Western  ATu/t- 


15 

4 

15 

ia 

9 

17 

18 


i' 


□ urban  Ow 
BastiRaod.Proo. 


Bracfcw 

Kinross 


Marlwnie  "• 
BIMor.-  ■ 
MML 
Ddom/OHNrtr 
Ease  Orleftnutfl 
Eisbsra. - - - 

aa®'-'- 

SuUooloia  " 

VsU  fieeft 
.Vuiteraooat  - . 
w«tt  Dr*dofltein  • 
WaStern  Areas 
2andMn 


FS.Gcduld  . 
Harmons 
President  Brand . 
Pteslrfent  Stevn 
St.  Helena 


Western  ■ 


Aagio  Am. 

Consld.  Gold-  Fields 
East  Rand  Consld:  - 
General  Mbiing- 
. Gold  F,'dds  5A 

Net*  Wit' 

.7  Rand  Selection ... 
Selection ■ Trust  : • 
Union  Cora,  r 
De  Beers  dm: 

" Coronation 
Pakon  ' . - ■ 

Charter)!*]! 


MONEY  MARKET 


Free  credit  supply 


Bank  of  England  minimum 
Lending  Rate  ill  tier  cent 
(since  May  21,  1976) 


with  a net  .take-up  of  .Treasury . par' cent,  for  secured  call  loans 
bills  and  settlement  of  Tuesday’s  at-lfce  start,  and  rates  fluctuated 

rvil4  Ai ImaJ  at . . • a .1  _ • . . . . 


gilt-edged  sales.  On  the  otner  uetore  closing  ai 
baud  there  was  a decrease  in  the  la  the  interbank  market  over. 


FIXED  INTEREST 

W ni..  A, iB.  J5 

Ti/PKtay 

MotkIav 

AUEiiat 

f’-.dAjr  Thnraduy! 

Wftd, 

^ir 

Tu+sduy 

>16 

1! 

iVnr 

arncf  ^ 

1976  I'jimjiibuirHi  h 

Imiex 

Tl+Id 

ii 

"TT 

12 

VP 

(appiDi.) 

Nil. 

mi 

Law  . High  ! Liar 

1 

Cousols  2}%  yield  — 

... 

— 

14.08 

1 

14. OX  j 

14.10 

14.09  | 

14.09 

14.08 

14.08 

14.13 

; ! ...  - 

3 

2fi-yr.  Gnvt.  Stocks  (6)... 

... 

48.61 

48.62 

48.58 

48.30 

48.55  ! 

48.70 

48.72 

48.82 

49.91 

63.45 

1 j ? 

87.56  115.421  38.27  ; 

3 

00-yr  Red.  Deb.  & Loans 

(15) 

50.86 

: 14.70 

60.16 

50.  ZS  i 

50.16 

50.19  i 

80.19 

50.19 

50.22 

47.86 

150)1)  | 
52.40 

f2»l»  .11/9/83)  J (311/75/  { 
48.68  113.43  | 370)1  A 

4 

Investment  Trust  Prcfs. 

(IS) 

49.00 

14.13 

48.72 

48.72 

48.72 

48.72 

48.94 

48.75 

48.84 

46.86 

121/51 

51.23 

*2il)  (23/10/63)  (3/1/75)  ~ 
46.43  114^41  | 84.45  ^ 

5 

ComL  and  Indl.  Profs.  (20 1 ... 

13  87 

69.11 

69.01  1 

1 

68  77 

86.39 

68.39 

68.20 

68.24 

66.96 

US® 

71J071 

<7;E/  M3.i9)fi3)  »/12,74|  i 
62.76  114^5  J 47.67  ’ 





— _ 

■■■ 

. 

i?)Sl 

<2;li  ;7aJ0A3/  I <6fli75»  - „ 

Overseas  Traders 
Engineering  (Heavy) 
Engineering  (General) 
Wines  and  Spirits 
Toys  and  Games 
Office  Equipment 
Industrial  Grow 
M Keel  lane  mm  FVnocM 
Fend  Manufacturing 
Fetid  Retailing 


31,- 12,74 
31-12.71 
31.12  71 
tt.-l.  W 
U 1 7a 
l*.LTO 
31-12  TB 
33.:u/n 

3»12  k7 

24/12-67 


Bik  Value 
100  JO 
153.84 
153  At 
UU.T* 
135.72 
262.74 
13UD 
12C.M 
114.13 
124JJI 


Section  nr  Group 
Insurance  Broken 
Mining  Finance 
All  Other 


Base  Date  Due  Value 
25,12/67  96.67 

■29,12-67  200.00 

IB, '4/62  ' 100.00 

5 Redempilen  yieM.  FT-Acnwrhw  ImRcos  “ 
COlcelalcd  by  Extrl  CunxanlutlaH  LhnlUl 

"jwikcr  of  tkc  Esctumge  Toleoresfa  Group)  on  

IBM  an  computer. 

A MM  of  Hie  cenethuenrt  of  the  FT^ctoartc* 
Indices  la  mu*  *v*fr*le  from  the  PaWWrera, 


(a 


Ike  Fhtancial  Ti&ics,  Bracken  Hesse.  Caanen  Street. 
Lradra. . GC4P  4BY,  price  13p.  By  post  2Bp. ’ 

A recent  ef  the  Indices,  cost  On.  Is  abUunkblc 
rraM  FT  Business  Entarpriaes.  U.  Bair  CsdrU  Lendeu. 
ECtL  I*  elves  all  group  and  sab-Kcxfitt  Mice*  at 
rorteUbUy  Intervau  aiace  the  start  td  Uw  series  In 
1962  with  unanerty  hijhr  and  lews.  Dhddeud  and 
'earufams  -ngures  are  also  Indoded. 

CONSTITUENT  CHARGE:  Martin  <Tom)  fCaaital 
Goode  MiscePbneeas)  Has  been  renlaMd  by  • Mslhm 
(EmNoowIIhl  General). 


After  hints  that  day-to-day  note  circulation  and  the  banks  night  loans  opened  at  1 01- it) l per 
credii  may  have  been  in  short  brought  forward  surplus  cent  and-' slipped  to  91-95  later, 
supply.  funds  appeared  .in  balances.  The  market  was  aJso  iti  the  morning.  .Rates,  picked  up-i 
adequate  amounts,  so  much  so  helped  by  Government  disburse-  iii'-tbe  afternoon  to  UR-11  per 
that  the  authorities  were  required  merits  exceeding  revenue  transfers  cent  before  easing  at  the  close 
*“  absorb  a sman  surplus  by  to  the  Ksehequer,  by  an  amount  to- 10-101  per  cent 
— Treasury  bills  to-  the  larger  than  expected. 


to 


Rates  in  the  table  below -are 


The  market  was  faced.  Discount  houses  paid  around  10  nominal  In  some  eases. 


■Auc.lB 


.UR.  IB 

1876 


__ Sterling  ] 
vortifitstea 
of  dapon  ta 


Local 


Cartifitata ; Interbank,  j Authority 
deporit* 


.Load  AuUlj 
aecDtiabio! 
boGda  I 


Flmnca 


aepoBtt 


. Dfiotwat 
Com  pun  y j market 
deposits  l ~ 


94-H  > - 


lQlS-lOfe  — 


— ; 1 06ft.  IQ  ii^  | Oitr-lOH 


, 102ft.  103ft 

107ft.  104^  10  V 107ft 
Il-jOTft  107ft  11 

11*11  iiihs 
Ills  lll«-  ll.V  Ufi 
116ft  lUs  Ills  i)» 

ii;,’  us*  ut;  lug 


lOSa-lOH 
IO64 -107ft 


. - - 104-11  I 

.lllft-lDlft  lOTg-U* 

. - I iiu-i07a  li-iiia 
llfii-llia  1 Iki;  107ft,  lllft.lLw 
U.VllJB  ! Il3e.l07ft  lliisj 
,’UV-UU.  . 

■n-.d-ia  -is-iHi  _ 


— • i< 


Idle. 


TreMurj- 

faiUa^  ; 


Baok 

SUUaft 


Fli»  Trade 
Bills#. 


10S-UW* 

.10*1.  10 jo- it.,. 

10Vib4  10ft-wg  lOtriTOH 

' y ■ - • WS-WB; 


114+  - 

114b: 

Ills 

ni»; 


A m f, 

tESTERDA 


• . Ub 

■ndNt  fml  h 

Ceram.  Dora.;,  rmil. 
Feraivi  Bwub  U 

rtalt  : . 

, j&ri  and  Frap.  -.Mi  - 

nte  

HmUIIW  - . ..  v ■■  i 

HR+ceut  • mum . V* 


m 


AND 


BASE  LEW_^ 

RAT^ 

: Allied -Insh 
: American  Esrpi^atw 
• Angio-Portusws^^t  • 

Henry  AhsbaCber 
-Banco  de  Btibaa-....-. 

Banco  de  Jerei 
. Bank  of  Cyprus 
/.Back  of 

Banque  du  Rhone  :§j 


Barclays  Bank 

-'  ~ ’^ie  Ltdi 


, Barnett,  Christie 
Bremar  HoldiTigS-’i 
Brit.-  Back  of  Mid-® 
■ Brown  Shipley  — ~i 
Canada  Permanent^ 
Capitol  C A C Fin^g 
Gayzer,  BowaterCo-g 
Cedar  Holdings 
■Charterhouse  Japhee 
C,  B.  Coates 
Consolidated  Credit* 
C- -operative  Bank^i 
Corinthian  Senrritiej 
Credit  Lyonnais 

G.  R.  Dawes  i 

Duncan.  Lawrie 


.EngUsb  Transcont..j 
First  London 


Antony  Gibbs  - 
Goode  Durrant 
Greyhound 
Grindlays.  Bank  * 

■ Guinness  Mahon  rJk.  • . 
Ham  bros  Bank  v 

Hill  Samuel  - . , 

C.  Hriare  Si  Co.  -.;r.S 
Julian  S.  Hedge  '.vV-  ■ 

Hongkong  & Snangh2v  . 
Industrial  Bank -of  Se^,*^ 
Keyser  Ul!mann: 

Knowsiey  & Co.  Ltd./-  , . 

: Lloyds  Bank 
London  & Europeauk  ._ 
London : Moreau  tilerii 
Midland  Bank  ...tJ'  ■ 
Samuel- Montagu  ' 
■iHorgan  Grenfell,:..^  .. 
National  . -Westminrt  • 
Northern  Comm. -Ttt 
Norwich  General  Tni  • 
Portman  Guaranty -U*'. 

P.  S-  Refson  4.  Co-  ? 

Rossminster  Accept  •’  . • 
Schleainger  Limited 4 
E-  S.  Schwab.. — 

Security  Trust  Co.  Ll' . 

S hen  ley  Trust _ \-m 
Standard  Chartered' j ’•!  ’ 
Trade  Development. fl'. . 
Twentieth  Ccntury^.B' 
Ghltetf  Bank  of  Kuwa  w 
Whrteaway  Laidlaw  ', 
Williams  A Glyn's.-.A 
Yorkshire  Bank 

■ HcmbifiV  nf  die . Acivi^V. 
roiuBiir^-.  - . > 

?iias;.dpiKioiK  S4’p.  l-mi»t?|J  . 

u \(n 

T^a'y  dfDWiilft  on  sum'  i . • I / \ 
under  tip  (0  Ei.** 
oyer  tOMO  7f.. 

3 ticnnmJ  depcaiis  S' 

Call  depotslB  over  BANK? 


’ *i| 


•K 

s 


CORAL 


CIo*b;3T847^' 


CoD84en  local  tullionty  mortaasc 
M.  + rates 

(oar-nu>Ml;ir4*-  bill-* 
— — — -.  — t~  nasaa.  rar  -ram-f  wid 

pec  ceitt-'  and  am-montli  192  per -cert.;  oo^rawft  Mtfe'wita  Vi?  lnJ'S03*SS!  ^.«“-:fFO-a)«Ul».«l5»-Was- 

uomas- til-m  P^r  row  - - - m,ui  »r  wm./v  twojnomll.  m-lli ^ per.,  ccm.-;  ; aim  anp* 


Bank1  «*'p«¥|jem80,rt5!,D1 1 ti*.  nor  rom'  trara  A'UWi/l.  i*!B. '-''Clearing 

bis  avmso  tender  -rats  of  discount  wstgo  par  cent.  " - ■DW  MDt  CI*,rl,'8  8*>*-jra^6-fqr-l«idiiw?lW  ver  eeju.  jtrMBnr)’, 


INSURANCE  Bf 
RATES  ' 


f .AtlantiKABWraiBSS^.-. . 

C^nGn?-^rorenre^ 

f-  Addrraa  Otonra  lomwt  ’ . 

' . Property  .JBaml:.  towe-.- 


r. 


....  -U'  - 


This  service  is  available  la  entry  Company  dealt  in  on 
Exchanges  threngbont  the  United  Kingdom  for* 
fee  of  £325  per  annum  far  each  security  , 


26 


flnsafone 


toAn^eaawdyoutphqpe 

Fran  £125  per  week 

T3  Upper  aoofcaroct  London  WJY2HS- 


RING  ANYTIME  01-629  9232 


Thursday  August  19  1976 


Thousands  lost  in  Philippines  quake 


BY  OUR  OWN  CORRESPONDENT 


MANILA,  August  IS. 


MORE  THAN  5.300  people  are  ranging  destruction  of  roads  and  dead,"  the  Aief  of  the  Cotabato-  In  Pagadian  city,  mass  burials  agents  to  tra*  down  proRteers 
either  dead  or  missing  in  pos-  bridges,  seriously  hampering  the  based  Central  Mindanao  Military  for  an  estimated  400  we^e-5eH  tt 

sibly  the  most  disastrous  earth-  relief  effort.  Command.  CoL  Delfla  Castro,  to-day.  Gen.  Villanueva  said  60  U.S.  President  Ford  sent  Presi- 

quake  in  the  history  of  the  Bnt  by  far  the  largest  number  said.  It  was  almost  impossible  per  cent-  of.  the  dead  he  saw-  dent  Marcos  of  the  Philippines  a 

Philippines,  rescue  workers  an-  of  casualties  and  damage  are  for  those  missing  to  have  were  children.  • message  from  the  Republican 

nounced  to-day,  as  a massive  blamed  on  tidal  waves,  which  survived  the  tidal  waves,  which  Rebel-controlled  areas  in  Convention  in  Kansas  expressing 

relief  operation  was  put  into  sucked  whole  villages  out  to  sea  rose  In  some  areas  to  as  higb  as  Southern  Mindanao  are  among  his.  deep  distress  and  onenng 

effect  after  carrying  more  than  a 30  feet  those  believed  to  have  been  assistance. 

The  National  Disaster  Control  quarter  of  a mile  inland.  swamped  by  the  tidal  waves.  Previous  earthquakes  in 

Centre  said  2S.700  people  were  Hundreds  of  bodies  were  still  Drowned  Many  fishing  villages  washed  Philippine  history  include  one 

homeless,  but  in  tbe  Zamboanga  being  washed  ashore  to-day.  away  were  sites  of  Government-  which  struck  Manila  in  1883 

Sur  area  alone,  one  of  the  Tn  __  Dffieial  Mmmunjaue  the  Perhaps  threequarters  of  the  financed  agricultural  projects,  causing  320  deaths,  recorded  at 

hardest  hit,  the  provincial  gov-  __ntTnl  pentre  »norted  3303  deaths  were  caused  by  drowning  Rescue  work  went  ahead  round  force  10.  Another  powerful 

ernor  estimated  the  number  of  SJJJJ  1360  miured  and  2282  as  tidal  waves  swamped  whole  quake  toppled  churches  in  1937, 

refugee;:  at  more  than  100,000. 


deaths.  1.360  injured  and  2282  as  tidal  waves  swamped  wuoi«  >r-  ft  w*ag  "fnrr^ri ' to  mm 

T.I  VoViMes  w^eThattered  ■J"*!*'  "S*®?  THJS5*-!0  «5IS?I..!r05?f2  tack  for  Manila;  and  others  wne  ^ut  rasu.mes  w.r.  not  recorded. 


(North  Cotabato)  province  in  facing  the  Celebes  Sea,  where  diverted  to  other  airnorts  in  the  • The  official  Chinese  news 

'SSHiS  Central  Mindanao  Offering  the  the  force*  earthquake  was  Jg™  t0  ^airports  the  agency  pep0fted  ^ 

SET wtwTi?  MtaSSo. "Soo  heaviest  casualties,  746  dead.  centred.  Some  30.000  lb  of  supplies,  the  major  earthquake  which 

miles  south  of  Manila,  where  Tbe  authorities  fear  that  Many  bodies  recovered  are  including  medicines  and  food  struck  the  mountains  or  central 

most  of  the  country’s  " 3m.  casualty  figures  will  mount,  disfigured  and  identification  was  were  flown  from  here  to  quake-  China  shortly  before  the  F mil  p- 

Moslems  are  concentrated.  because  of  the  large  number  still  a problem.  Air  Force  Brig.  Gen.  stricken  areas  as  the  Government  pine  quake  had  caused  only 

The  earthquake  destroyed  or  missing.  Antonio  Villanueva,  tbe  relief  prepared  to  tackle. the  threat  of  slight  damage.  It  had  been  pro- 

damaged  almost  700  buildings  in  “ We  can  probably  assume  that  coordinator,  said  on  Govern- epidemics  facing  refugees.  ” 

Mindanao,  and  caused  wide-  most  of  the  missing  are  now  meat  radio.  ■ Military 


= dieted,  and  officials  had  taken 

authorities"  sent  out  precautions. 


Gold  falls  $3i  in  London; 
lowest  fixing  for  month 


BY  PETER  RIDDELL.  ECONOMICS  CORRESPONDENT 


THE  PRICE  of  gold  fell  sharply  at  the  close,  after  nervous  trad-  for  the  guilder  and  Belgian 
in  London  yesterday  in  active  ing  earlier  in  the  day.  franc  helped  lift  those  currencies 

trading.  Foreign  exchange  The  slight  easing  of  pressure  off  their  joint  float  floors  against 
markets  in  Europe,  however,  followed  the  statement  by  Herr  the  mark,  while  a number  of 
were  rather  less  hectic  than  on  Hans  Apel.  the  German  Finance  currencies  made  headway  against 
Tuesday,  after  a statement  by  Minister,  in  Bonn,  that  none  of  the  dollar. 


the  German  Finance  Minister  the  member  countries  of  the  yea  was  subtly  steadier 


that  there  was  no  basis  for  joint  float  had  spoken  officially  after  its  nemt  advances, 

speculation  about  possible  or  unofficially  about  making  u^-jj  onjy  after  very  iarge  m. 
changes  in  the  joint  float  pari-  parity  adjustments.  tervention  by  the  Bank  of  Japan 

ties.  "The  German  Government  totalling  at  least  5100m.  accord- 

Gold  dropped  S3!  an  ounce  to  plans  to  take  no  new  action  on  ing  to  certain  reports.  The  Yen 
SlOSi/109 — the  lowest  fixing  tbe  monetary  front  and  sees  no  closed  at  Y2SS  to  the  dollar 
level  for  almost  a month  on  the  reason  to  alter  its  intervention  against  Y287}  on  Tuesday. 
London  bullion  market.  Dealers  points  in  the  joint  float”  he  Elsewhere  the  French  franc 
described  selling  as  quite  heavy  added.  improved  to  Frs.4.98i  from 

and  widespread  in  what  have  ge  also  maintained  that  the  Frs.4.98}  ahead  of  the  expected 
became  especially  volatile  and  current  difficulties  over  parities  economic  package,  while  sterling 
jumpy  conditions.  within  the  “ snake  ” were  not  again  remained  outside  the  main 

No  buying  interest  was  due  t0  Germany  . but  to  other  unrest  with  unchanged  weighted 
evident  apart  from  a technical  countries  which  would  have  to  depreciation  of  '39.1  per  cent. 
«w™8  of  short-term  positions.  make  adjustments.  Herr  Apel’s  David  Barium  writes  from 
while  no  particular  reason  statement  is  the  most  definite  Washington:  Federal  Reserve 


. - . m a - SldlClilvUL  19  LUC  UIVkJI  UUUtiitv  — 

was  cited  for  yesterdays  drop,  indication  so  far  that  no  change  officials  in -Washington  confirmed 
leading  dealers  pointed  to  the  ir  nmnncpii  MctM-rian  that  Rritafn  had  hor- 


continuing  uncertainties  caused  in  Germa”  poUcy  “ Prop0Sed  *«*'-*?  h"d  JKT 


h.-  *Vi»  Si?11™?  ca“*  m at  present  ahead  of  the  federal  rowed  about  5400m.  from  the  U.S. 
nnrrtnTvf  tKX  Gm  sections  later  this  year.  in  June  as  part  of  the  S5.3bn. 

!%£.  DeXt  IS  t0  * hpld  The  combination  of  this  state- 
They  maintained  that  there  ment  and  reports  of  sizeable  The  d^win?  for  June 

would  be  no  rush  to  buy  in  such  purchases  of  dollars  by  the  JSjws  ^oart 
conditions  in  the  absence  of  any  Bundesbank  was  followed  by  a ftreiencimenei 

signs  of  a change  in  central  Fall  in  the  Mark  to  DM2.51  from  “™“  1 S' j SSRSKTS 
bank  policy  at  the  auctions.  DM2.505.  ?hS  ® d qBarter  of 

In  currency  markets,  condi-  Higher  short-term  interest  111  * 
lions  became  rather  more  stable  rates  in  Eurocurrency  dealings  Yen  gains.  Page  5 


Neave  says  accused  terrorists 
should  have  to  prove  innocence 


BY  GILES  MERRITT  IN  BELFAST 


THE  FORMAL  withdrawal  from  Ireland,  during  which  he  dis-  people  were  known  to  the 
political  life  of  Ulster’s  former  cussed  the  **  exceedingly  serious  ” security  forces,  but  were  im- 
Premier,  Mr.  Brian  Faulkner,  security  situation  with  a number  mane  from  conviction  because 
who  resigned  the  leadership  of  of  people,  including  Lt.  General  of  the  present  law  on  evidence, 
the  Unionist  Party  of  Northern  Sir  David  House,  Army  GOC,  and  he  said. 

Ireland,  yesterday ‘was  somewhat  Mr.  Kenneth  Newman,  Ulster’s  Reaction  to  Mr.  Brian  Fauik- 
overshadowed  in  Belfast  by  a Chief  Constable.  ner's  announcement  that  be  is 

proposal  for  sweeping  new  anti-  To-dav  Mr  Neave  is  to  renort  Jeav*ng  active  politics  was  signi- 
terrorisi  legislation  from  Mr.  t0  ££ * MaAaref  Thatched toe  ficaQtiy  muted  in  Loyalist  circles. 

Mr- M,,ins  for 

vince’s  courts,  said  that  the  -^poSiblc  a mi  Presented  , Mr'  . Faulkner’s  resignation 
rulure  of  the  bipartisan  relation-  tn  .he^nvmmonf  “ presenteo  from  ^ jea(jersjup  0f  his  party 
ship  between  Opposition  and  0 lQe  0 . ro  aen  ' . marks  the  formal  ending  of  a 

Government  on  Northern  Ireland  The  object  of  Mr.  Neave’s  political  career  that  baited 
’•  largely  depends  on  the  Govern-  PIan  to  reverse  the  normal  pre-  abruptly  in  May,  1974,  when 
ment."  mise  of  a court,  is  the  convic-  Ulster's  power-sharing  executive 

His  suggest ioD  came  at  the  end  tion  of  those  he  termed  Ulster's  of  which  he  was  chief  minister, 
of  a three-day  tour  of  Northern  “ arch-terrorists " — the  planners  was  toppled  by  the  Loyalist 

and  organisers.  Ulster  Wosters'  Council  general 

Eighty  per  cent  of  these  strike. 


*’ guilty  until  proved  innocent  burden 
approach  to  terrorists  in  the  Pro- 


Wage  rates  rise 
171%  under 
the  £6  policy 


BY  PETER  RIDDELL  ECONOMICS  CORRESPONDENT 


BASIC  wage  rates  Increased  by 
17}  per  cent-  during  the  fall 
year  of  the  £6  a bead  pay 
policy.  The  rise  in  average 
earnings  is  likely  to  be  abont 
15  per  cent,  for  .the  same 
period. 

This  compares  with  an  in- 
crease in  the  cost  of  living 
of  12.9  per  cent  in  the  year 
to  July.  However,  with  the 
exception  of  one  or  two  erratic 
months,  the  underlying  recent 
increases  In  prices  and  pre-tax 
earnings  have  been  similar, 
and  there  has  been  a much 
sharper  impact  on  real  dis- 
posable income. 

The  increase  tn  basic  wage 
rates  for  manual  workers  is  in 
line  with  the  Government’s 
target  for  the  £6  policy,  bat  the 
likeiy  earnings  rise  is  higher 
than  the  12  to  13  per  cent,  in- 
crease implied  by  the  £6  itself 
and  associated  transitional  and 
equal  pay  provisions.  The 
difference  of  one  or  two  points 
is  explained  mainly  by  the 
Impact  of  the  economic  re- 
covery on,  for  example,  boors 
worked. 


us  sn  

if  ft  UNULBOI 

j'aVoVp^J  WaVjV 
1975  . 1976 


Squeezed 


Over  the  second  stage  of  the 
policy  to  July,  1977,  earnings 
are  officially  expected  to  rise 
by  about  7£  per  cent,  includ- 
ing abont  three  points  from 
changes  in  economic  activity 
reflected  in  overtime  and  short- 
time  working.  There  could  be 
more  pressures  from  “ drift  ” 
and  “ slippage  " depending  on 
tbe  rate  of  economic  recovery. 

But  given  (he  pressures  on 
Hie  cost  of  living  from  the  fail 
in  sterling  and  also,  possibly, 
the  drought,  there  Is  little 
dispute  that  living  standards 
will  be  squeezed  with  real 
personal  disposable  income 
officially  expected  to  drop  by 
between  2 to  21  per  cent  in 
the  period  to  the  end  of  1977.  . 

The  Department  or  Employ- 
ment's latest  figures  show  a 
Tall  in  average  earnings, 
seasonally  adjusted,  of  about 
three-quarters  of  a per  cent. 


to  258.0  (January  1970=100) 
between  May  and  June.  This 
is  the  result  of  the  sharp  drop 
in  output,  and  hence  hours 
worked,  in  June — already 
reflected  In  what  is  officially 
regarded  as  a freak  drop  in 
the  industrial  production 
index.  This  has  also  cut  the 
underlying  rise  in  earnings — 
over  the  last  six  mouths 
expressed  at  an  annual  rate — 
to  an  erratically  low  7.7  per 
cent  for  the  period  to  June, 
compared  with  the  recent 
range  of  12  to  14  per  cent 

But  outpnt  is  still  on  a 
steadily  rising  underlying 
trend,  and  so  any  recovery  in 
the  production  index  for  July 
will  have  some  effect  on  earn- 
ings. The  exact  impact  will 
determine  whether  the  year-on- 
year  rise  in  earnings  is  slightly 
above  or  below  15  per  cent, 
compared  with  the  16JJ  per 
cent  reported  yesterday  for 
the  year  to  June. 

The  Department  of  Employ- 
ment announced  yesterday 
that  basic  wage  rates  for 
manual  workers  rose  by  0.9  per 
cent  in  July  (as  usual  a month 
ahead  of  the  earnings  figures). 
This  reflects  settlements  for 
workers  in  the  retail  drapery, 
outfitting  and  footwear  trades. 
Government  industrial  estab- 
lishments and  rubber  manufac- 
ture. 


THE  LEX  COLUMN 


* l i 


.i-2-  - i - « " 


I; 


The  substitution  of  Prefers-  .!• 


£H5m.  in  the  openin 


i 


ence  rapitaI  fM  tha  f21-3m-£  Index  fen  0.6  to  375.8 


a 


U 


Convertible  loan  stocks  held 
the  Prudential  and  Eagle  Star 
marks  a significant  stage  in  the” 
rehabilitation  of  UDT.  To  some 
extent  the  change  is  cosmetic 
for  although  it  will  have  the 
direct  effect  of  boosting  pre-tax 
profits  by  over  £3m.  the  cost  of 
the  Preference  - dividends  (if, 
that  is,  they  are  paid)  wiU'not 
be  significantly  less  than  that  so 
long  as  there  is  an  ACT  short- 
fall. . 

But  the  move  has  also  paved' 
the  way  to  a further  reduction 
of  5 point  in  the  cost  of  lifeboat 
support,  potentially  doubting 
the  favourable  pre-tax  impact 
for  the  current  year  to  over 
£6m.  Tbe  group  is  already  oh  ah 
improving  trend,. with  profits  of 


TUBE  INVESTMENTS 

PMFfTjffOjjE  UMMjgagr 


£M 


i2i2i  i r 

1993  1974  1995  ..TO; 


overall  very  comforts] 
if  it  can  get  dose  to 
earnings  per  share  will 
at  .around  64p.  .Limit) 
4p  to  422p  yesterday,  w 
logs,  likely  to  follow 
' trends  much  more  d 
1977  a prospective  p/i; 
under  7 is  npt  especiail 
Reckitt  jumped  lipr' 
yesterday  with  profits  s 
JE7Bm,  to  £23.Sm.  befon 
exchange  gains  out. 
most  market  expect# 
sales  gain  of  30  per. 
value  implies  some  soti 


-.  gains  for  the  half-year 

gins  growth  has  al 
impressive;  before 

iiuptuviiig  uuiu,.niui  ptuuu  ui  . - .v  m gRIIlS  and  expenses: 

£S.6m.  pre-tax  in  the  second  half  wlU  SS  3 mnped  30  per  cent,  fa 

to  June  against  just  £0.5m.  in  over  of  fifth  in  North 

the  first  sis  months.  Continuing where  price  controls, 
losses  in  the  ULL,  however,  an  end  during-  the 

have  led  to  an  attributable  loss  ye^' n£  j ha ? ^ quarter  of  1975.  It  1 
of  £4.9m.  for  the  year,  after  cn1-  T^jSSiSS^iJS?  ^ look  as  if  Reckitt  ? 
ovme“  “d  Monties.  Sta. 


It  is  a SCO*  sisn  U UDT,  ££  =»—  £3^ 

r may  even  no  nop  mg 


Xtt”  hS'evenTeS!  S^TTal^  Sin 

ms  t0Z  R.  - ^ * - 

of  shareholders'  capital  and.  . . «>_,  -of  43  per  cent.. 

j.  . ade,  ffoicn  lost  over  fisi  id  tae  ■ w , __  • 

reserves  is  being  raised  from  - . inAnt..  ■«  See  also  Page 

foR_  f _ re.*—  first  six  months,  hopes  to  he  in  - “ • 

some  £3om.  to  i5im.  wiea  so,  .,  ...  . . “ttv.  ...  _ _y 

After  pat 


enough  to  allow  it  to  stand  on 


appliances. 


A company  which* 


its  own  feet;  the  group  deposits  rmmd  figures,  double 

total  (supported,  however,  also-  JJ"  P^615  at 

by  further  minority  and  loan  time  ^ “leritt 

capital)  is  apparently  only  ^ bound  to  ralse  a'. 

the  maybe  !*  Pa--  !g  brows,  especially , ii 

Tbe  bee  Page  1S  acquired  a major  m 

holder  in  the  recent  p 
and  Wibqrghas  a strpn 


slightly  reduced  from 
£980m.  of  a year  ago. 

shares  were  unchanged  at  20p  International  Foodc 
for  a capitalisation  of  £22m.  iniemanonai  rOOOS 

See  also  Page  18  •*  Improved  margins  are  .the  sheet,  with’  ho  cash  or 
feature  of  the  interim  figures  blems,  and  it  looks  > 
Tubes  from  Unilever  and  Reckitt/  & last  year’s.dividend  ci 

Col  man,  notably  in  Europe  been  more^fban  twin 
In  May,  Tube  Investments' re-  though  ' Unilever  still  has  bj  ctiri&fc  yeir.  tittni 
ported  that  its  profits  were  nm-  reservations  about  its.  returns  ^ haldiy  states  that 
o3ng  a fifth  below  1975’s  figures:  in  this  part  of  the  globe.  An  ^ bS  long-tenn  i 
for  the  half  year  to  June,  .k  the  same  an  overall  pre-interest  4h^  company  and  . 
now  discloses  that  its  net  margin  of-Y.9  per  cent  is  the  iioiders^for  the  leve  - 
earnings  are  actually  a shade  higtiest  for  a second  quarter  tions  to  be  increased 
higher.  But  the  trends  have  not  from  Unilever  aince  1973,-  and  •4*hf!Tv*«Me  0f  ool 
changed  that  sharply.  The  tax  is  a tenth  or  so  ahead  <rf  tile  w 
charge  has  been  reduced  by  a eight-year  average  in.’  this  ” *S. 

swing  from  losses  to  profits  in  period.  The  edible  fats  business  .3^  .Sw  JS 
Canada  and  Holland.  - A favour-  (like  margarine)  is  .moving 
able  accounting  change  has  from  recovery  to  growth,  the  ™ 

been  worth  roughly  £lm.  In-  heat  wave — which  this  year  is  S®*”7  vU?. 
terest  costs  are  well  below  last  taking  in  the  whole- o£  Europe  e7rL7Ti-S^ 
year’s  pre-rights  issue  level,  —is-  making  for  bumper  profits  J***. 

And  the  share  of  profits  in  from  ice  cream  and  Africa  eon-  ^ ^ 

British  Aluminium,  boosted  by  tinues  to  perform  very  strongly,  about  & quarter  .oUJ 
a 30  per  cent  increase  in  Unilever  is  also  experiencing  were  in  the  eariy 
worldwide  demand  and  some  good  sales  volume  with  growth  fbe  memory  of-tbca 
hefty  price  increases,  has  for  the  half-year  running  at  mid  Coats  I^tons.  j 
jumped  from  £322,000  to  nearly  around  7 per  cent.  . Interim  Board  which  makes  a; 

£3m.  profits--  are  . £255 m.  pre-tax,  this  without  giving  d< 

AH  the  same  there  is  every  against  £102m.,  with  the  seaso  nal  planations  to  its  ontt 
reason  to  hope  that  a pre-tax  gearing  pushing  the  second  holders  is  asking  for-; 

decline  from  £19J2m.  to  £18.5m.  quarter  - up  . to  £L41m.-'  from  : See  also  Page 


V'is-I 


O'f 


U.K.  TO-DAY 

MOST  AREAS  will  be  dry,  warm 
and  sunny,  but  eastern  districts 
may  have  low  cloud  and  fos, 
which  might  persist  along  the 
coast. 


Outlook:  Little  change. 
Lighting-up:  London  20.45. 

Manchester  20.59,  Glasgow-  21.15. 
Belfast  21.18. 


BUSINESS  CENTRES 


Y’day 

Y'day 

Midway 

Mtd-dar 

T 

L‘ 

•c 

“F 

.Mruarlna 

s 

30 

SS;Sfanchstr. 

S 

20 

es 

AnKii-ntam 

s 

23 

7J 

| MelbaunH' 

F 

t.i 

- u( 

A tbe  ns 

s 

X 

i Milan 

F 

31 

70 

Bnm>lona 

K 

37 

EJ  | Mom  real 

C 

20 

8S 

RnlTjst 

F 

19 

SB:  Mascow 

F 

21 

79 

Belsradr 

V 

n UunJcO 

F 

IS 

«4 

Rurlin 

F 

73 

.Nivcnle 

K 

16 

lil 

Birmshra. 

F 

:n 

Hi 

iNVw  York 

s 

U 

7S 

Enunj 

S 

33 

73 

! 'is|o 

S 

34> 

79 

Brnssfls 

s 

23 

■3 1 Paris 

& 

23 

77 

R.  tires 

c 

11 

*5 

'Pi-nh 

D 

16 

61 

Cum 

s 

as 

93 

Pracoe 

F 

20 

id 

Cardjff 

s 

7J 

RejIUflvUc 

C 

to 

3d 

Cnlocni- 

V 

— 

7p 

| Koine 

s 

3b 

79 

CnpL-DllKD. 

s 

‘li 

77 

i Singapore 

u 

23 

S! 

Dublin 

s 

19 

i«lSioekj»iro 

K 

24 

7a 

EcUaSuish 

s 

ir 

■O.StraslMIUS 

s 

23 

73 

Kraokfart 

K 

33 

73 1 Sydney 

F 

17 

62 

fti-nova 

s 

21 

TV 

Tehran 

S 

30 

S7 

ClasEow 

s 

33 

73 

Tel  Aviv 

F 

23 

32 

Helsinki 

K 

30 

69 

Tokyo 

C 

33 

77 

Uong  Kong  s 

38 

ST 

Tomato 

s 

21 

70: 

Jo'trars. 

s 

33 

73 

Vienna 

5 

■M 

72' 

Locdon 

F 

22 

73 

Warsaw 

F 

s 

68 

Lusemtis. 

F 

33 

73 

Zurich 

S 

IS 

64 

Madrid 

F 

38 

SB 

Montreal 

C 

30 

68 

HOLIDAY  RESORTS 

Vdar  1 

Y'day  | 

Uid-do7 

Mid-day  i 

”C 

“F 

-c 

°f: 

AjareM 

S 

30 

79 

Jerarr 

s 

35 

77 

PUmtc 

S 

'33 

73 

L.  Palais. 

F 

r.i 

88 

Blackpool 

s 

33 

73 

Locarno 

F 

22 

72 

Bordeaux 

s 

37 

SI 

Unjorva 

S 

18 

8K 

BonluBac 

V 

33 

731 

> Malaga 

s 

38 

S3 

Casaoianca 

F 

3li 

79]  Malta 

s 

37 

SI 

Cane  Town 

s 

10 

«i  Nairobi 

s 

>w 

71 

Corfu 

s 

If 

S31  Naples 

F 

at 

79 

Pubrtivnjt 

K 

33 

WiXfau 

S 

24 

75 

Morcnce 

R 

15 

Rhodes 

s 

3 

M 

itlbnltar 

S 

3fi 

3 SaWwrs 

V 

19 

66 

Ouernsey 

s 

31 

75 

1 Tangier 

5 

■so 

86 

innsbrwh 

V 

IS 

^ITriUrrlfr 

5 

31 

83 

Inutruess 

s 

W 

flfl'TUnls 

L 

-2S 

S3 

Isle  of  M. 

s 

18 

■uiTaiTHcia 

F 

a* 

79 

Istanbul 

s 

38 

*JlVeni« 

P 

16 

64 

G— Ctotidy. 
R— Rale. 


D— Druuie. 


V— Fair. 


Continued  from  Page  1 


Ford  breaks  challenge 


The  session  lasted  about  five  Rloor  to  say  his  remarks  bad 
hours  longer  than  planned.  The  been  misinterpreted.  After 
critical  vote  on  rule  16C  did  not  countless  caucuses  and  having 
take  place  until  nearly  midnight,  passed  on  the  first  rouDd  of 
local  time,  well  outside  the  voting,  the  delegation  preserved 
desired  prime  television  view-  its  fragile  unity  and  cast  all  its 
ing  hours.  , 30  votes  against  rule  16C.  To- 

The  chair  had  great  difficulty  night,  however,  Mississippi 
maintaining  order  on  the  floor  Republicans  will  probably  split 
of  the  hall  for  much  of  the  16-14  in  favour  of  the  President, 
evening  as  Rea?an  and  Ford  Qne  j0  said  of 

supporters  burst  into  noisy  ^ Ford  strategy.  yor  perhaps 
demonstrations  — most  vocally  t^e  time  this  year  they 
jjj?  and  Mrs'  showed  themselves  last  night  to 

°<f£  be  technically  competent  at 

Mr  John  Connally’s  sptnted  organisational  politics, 
speech  immediately  preceding  But  e _e  audifaie 

thHad'baVQd  T°,U  °n  ItS  Reagan  U dele’ 

change  was  a]“°st  total  .v  tes  ^ had  j)eeQ 

‘snored.  It  attracted  only  pIflyed  t00  rou|nly>  that  t00 
sporadic  applause.  It  was  net  many  arms  had  been  twisted  and 
006  ? ft’-  Con^a[Iys  most  that  the  motives  of -the  Reagan 
spired  public  performances.  But  supporters  had  been  too  crudely 
as  a speech  it  was  technically  questioned, 
adept  and  more  designed  to  The  steam  has  gone  out  of  the 
arouse  the  fervour  of  delegates  Reagan  cause  but  perhaps  the 
than  anything  that  had  gone  resentment  has  not.  Mr,  Ford 
before.  would  do  well  to  show  a soothing 

Even  bis  share  attack  on  Mr.  diplomatic  touch  towards  both 
Jimmy  Garter  aroused  minimal  Mr.  Reagan  and  his  supporters. 
Interest,  so  consumed  was  the  There  could  be  one  verv 
convention  with,  the  battle  over  intriguing  test  of  this  sentiment 
rule  16C.  to-morrow  night,  when  Dr. 

Far  greater  mterest  was  Kissinger,  the  Secretary  of  State, 
devoted  to  the  bjxaatine  machi-  conspicuous  by  his  absence  from 
nations  of  the  sundered  Missis-  the  convention,  attends  tbe  final 
sippi  delegation  The  delegation  session  to  hear  the  acceptance 
was  thrown  into  even  greater  speech. 

turmoil  last  night  by  no  It  was  a testament  to  Mr. 
Alabama  newspaper  report  quot-  Ford's  weakness  that  he  could 
ing  Mr.  Rogers  Morton,  the  Ford  not  afford  to  bring  his  Secretary 
campaign  manager,  as  saying  the  or  State  with  him  to  Kansas 
President  had  decided  in  effect  City.  The  reception  be  gets 
to  write  off  **  the  cotton  South  *’  to-morrow  night  may  well  speak 
in  the  November  election.  volumes  about  the  feelings  of 

Mr.  Morton  went  down  to  the  the  Republican  Party. 


ICI  wins  share  of 
five  U.S.  oil  rights 


BY  STEWART  FL&flNG 


NEW  YORK,  August  18. 


AN  ICI  subsidiary  is  a member  tracts  for  which  bids  were  sub- 
of  a consortium  which  submitted  mitted  totalled  over  Sl.lbn., 
the  highest  bids  on  five  of  tbe  approaching  twice  the  sum  which 
Atlantic  coastline  oil-  and  gas  the  U.S.  Government  had  been 
exploration  leases  put  up  for  anticipating  might  be  offered, 
sale  by  the  U.S.  Government  and  further  underlining  the 
yesterday.  enthusiasm  of  the  oil  companies. 

The  subsidiary  is  ICI  Dela-  .™s  **  significant 

ware,  a strategic  management  uncertain  background 

company  for  Id's  North  and  to  the  sale.  Throughout  most  of 
South  American  operations.  Mr.  lt  remained  unclear 

Edward  Goett,  the  president  of  whether  it  could  proceed 
the  company,  to-day  confirmed  Last  Friday  a combination  of 
that  ICI  had  a 15  per  cent,  stake  opponent  of  the  sale  including 
in  a consortium  which  had  made  J*ew  York  State.-  a number  of 
successful  bids  on  five  tracts.  Joca{  authorities  and  eoviron- 
It  bad  been  invited  to  join  the  mental  .groups  managed  to  ob- 
consortium  by  Chevron  with  tain  an  injunction  halting  it  On 
whom  it  already  has  joint  Monday  this  injunction  was 
exploration  ventures  in  the  Gulf  stayed,  then  yesterday  morning 
of  Mexico.  M 11  was  t0  be*in-  toe 


,,  opponents  appealed  to  a Supreme 

It  was  tbe  first  tune  thrt  ICI  Court  justi" 


had  participated  in  a U.S.  oil 
lease  auction.  Mr.  Goett  said  t C* 
that  ICI  has  two  main  objectives  a-JiiaJUUs 
in  building  up  an  oil-  explore-  Not  until  just  before  6 p.m. 
tion  position  in  tbe  U.S.  did  Justice  Thurgood  Marshall 

It  hopes  that  if  successful  decide  to  allow  the  bidding, 
the  share  in  crude  production  Tt  1ikeIyi  howeVer.  ftat 

wtil  produce  a cash  flow  qmcsly  opposition  to  exploration  iu  the 
to  help  ICI  finance  its  UB.  in-  area  0[  leases  will  continue 


vestment  programme,  to  the  aad  Nfiw  Yori;  state  has  made  it 


_ . ■ ■ , “ ...  - « - UUU  L1WIV  * uuthb  UIM  UiUUV  lb 

longer  term  it  will  secure  crude  eI#ar  ^ jt  will  oppose  tbe  iand. 
supplies  for  lCIs  planned  petro:  jQ_  ^ ajf,y  0jj  discovered 

chemical  plants  in  the  U^.  oa  its  shores.  Thus  the  explolt- 
Clear  evidence  of  the  attrac-  atjon  ^ y,e  leases  promises  to  be 
tioos  of  the  UB.  Atlantic. coast  a complex  and  litigious  process. 

for  oil  exploration  emerged  when  _ , . . 

the  sale  of  leases  in  the  mid-  Nevertheless,  the  worlds  lar- 
Atlantic  Baltimore  ■ canyon  |est  trB-^paw.  E^n  was  .by 
trough  finally  got  under  way  far  the  .most  active  bidder,  appiy- 
after  an  eight-hour,  delay- 

The  announcement  of  the  bids  was  hipest  bidder  on  34  of  them 
for  the  154  tracts  began  eight  with  offers  totalling  S349m. 
hours  after  the  scheduled  10  a.m.  The  highest  bid  on  .a  tract 
start,  and  by  the  time  toe  sale  eame  from  a consortium  headed 
was  over  the  60  oil  companies  by  Mobil  Oil,  tbe  Sun  Company 
participating  had  offered  a com-  and  Getty  Oil  for  a tract  bearing 
bined  total  of  S3.5bn.  for  leases,  a double  rate  of  royalty, 

Tbe  highest  bids  on  the  101  bid  was  5107.7m. 


Continued  from  Page  1 

Oil  found 


The  well  which  produced  the 
find  is  in  150  feet  of  water  and 
i«  currently  being  drilled  below 
7,000  feet.  Evaluation  of  con- 
ventional core  samples  and 
electrical  logs . - indicated  the 
presence  of  about  300  net  feet 
of  oil-bearing  sand  In  the  inter- 
val from  6,060  to  6J570  feet, 
MESA  said  last  night- 

The  ' company  its  operator 
plans  to  set  Intermediate  cas- 
ing through  the  zones  and  con- 
tinue drilling  the  well  to  a pro- 
jected depth  of  about  9,000  feet 
to  evaluate  deeper  formations. 

The  discovery  of  oil  in  com- 
paratively shallow  depths  has 
a possible  - drawback,  as  it 

could  create  development  diffi- 
culties. Paradoxically,  In  off- 
shore operations  deeper  waters 
are  more  suitable  for  drilling 
the  large  number  of  wells 
which  deviate  off  at  various 
angles  from  production  plat- 
forms: 

The  proximity  of  the  find  to 
the  coast  means,  however,  that 
production  would  be  fai  rela- 
tively sheltered  waters  and 
give  lower  pipeline  costs,  mak- 
ing it  possible  to  start  opera- 
tions quickly  if  the  find  is  con- 
sidered worthwhile.  • 

In  an  assessment  Of  the  area 
earlier  this  year  Wood 
Mackenzie,  stockbrokers,  sug- 
gested any  accumulations 
which  might  be  discovered 
were  unlikely  to  be  major  but 
that  even  small  finds,  might  be 
commercial. 

Another  well  in  an  adjacent 
block  11/26  also  showed  traces 
of  oil  but  the  block  was  later 
relinquished  by  the  licence 
holders. 


-7*1 

4 


Bank  holiday 
bus  details 


EXTOA  BUSES  will  run  on  bank 
holiday  week-end  on  routes 
serving  holiday  centres  such  as 
London  Zoo  and  the  Thames 
riverside,  and  will  also  caterfor 
sportmg- events  and  other  holiday 
attractions.  J 


■ The  20-mile  Round  London 
Sightseeing  Tour  will  run  dailv 
from  10.00  to  21.00  from  ^rb 
mg  points  .at  Piccadilly  Circus 
and  Victoria  (Grosvenor  Gar- 

£22  « ie«  from 

t Marble  Arch.  The 
The  j double-deckers  will 
mainly  from  Victoria. 


open-top 

operate 


. Friendly  and' efficient  service  in  a dynamic  econo 
the  winning  cprhbmation  that  assured  our  growth  # 
city  bank  of  fapa/v  And  now  weVe-c fevebping  into? 

£ intemaUonai.finah&aJ  complex.  - ^ 

; Perhafjs&tpre  than  any.other  Japanese  bank,  Saiti 
i..:,eiffers  fty  customers  (be  full  benefits  of  its  vigor  and 
• - vision.  lhe  vigor  that  has  made  it  one  of  Japan's  fad 
growing  major  banks.  And  the  vision  of  a bank  fh&\ 

: never-forgets  people  are  people,  „ 


t*rvs  * »■ . 

-i.  ■ 


5ATTAM AHAJNj 

mm*  cam ml  omc£T«MSABo,  siawa.  swtama  rt&*# 


armuiiMmr  iiMiwMm.'if,...;  A 

uum«n>atejaDtM8nmfB.MmtMM»nn«4aKiwHwn  ..  . . . 

,WI>"  **'  >n"  «"  i m»ri  - 


1 «■■■  ■ Wi^  ».nf  twttm 


v,|fHi»ivl at, tbe  Peat  Office.  Printed  by  St  Onmem's  Press  Ltd.  (oc-f*L 
tjy  tb»  T3napd»I  Hmn  LUU  Brusca  B«im,  Oihhhl  Street. 


e the